A Market So High it Ignores the Lowe's

The market still seems to be of the mind to rally the narrow pocket of growth stocks into NVDA's earnings tomorrow evening, with the likes of MSTR PLTR SMCI and the aforementioned NVDA all snapping back today. 

As usual, this market is also ignoring the likes of Lowe's reporting a year over year drop in earnings, with do-it-yourself demand for bigger-ticket purchases seeing notable softness. On the LOW daily chart, updated below, you can clearly see a bearish head and shoulders top confirming lower after earnings. I view the name as a short going forward, similar to the other big names in home retail like HD and SHW. 

Either way, NVDA tomorrow is the main event.

And with expectations exceedingly high to compliment the sky-high market cap we had better see Jensen deliver a few billion worth of leather jackets on the top and bottom line. It will only be when the market sees a downside surprise in a monstrous momentum leader like NVDA that it will cease ignoring the warning signs in housing and housing names like LOW, integral to the consumer and the economy.