RMBS Trying to Keep Up with NVDA & AMD

NVDA has led the way and now other names in the space are set up to follow.

The trade ideas will be rolling in this week with so many names reporting earnings and a lot of stocks setting up for big moves.

We have already seen this kind of price action with NVDA and AMD in the semiconductor space. NVDA may be hitting a trendline but has already made an incredible move higher.

In 2024, NVDA is already up an amazing 33.6% and over the past twelve months it boasts a return of 204.76%.

NVDA daily candles

AMD has been making a move since November 2023 that is worth admiring.

While the returns have not been as enormous as NVDA, they are still pretty insane with AMD up 20.5% in 2024 already and 101.18% over the past twelve months.

AMD daily candles

These are the kind of numbers that get the attention of big money managers. If we do see cash continue to pour into semiconductors, there are a few names setting up nicely for more upside.

RMBS is one of them and is sitting on strong support, looking ready to bounce. If it breaks down, it is likely to break in a big way.

Either way, I am here to trade it. (Although I admittedly prefer more upside!)

Let’s get to today’s trade ideas!