A mind-blowing Thursday surge by shares of chip maker Nvidia Corp. that fed a frenzy for artificial-intelligence stock market plays reinforces a cardinal rule for traders, said a technician at a top Wall Street research firm.
“Yesterday’s move in NVDA was one for the record books,” said Kevin Dempter, analyst at Renaissance Macro Research, in a Friday note. It also served as an example of the rule the firm preaches above all others, he said, which is to “‘not fear momentum.’” Nvidia shares added another 2% on Friday, while the megacap-tech-concentrated Nasdaq-100 NDX was on track for a 3.1% weekly gain, up more than 30% for the year to date. The S&P 500 SPX was up 1.2% Friday, turning positive on the week and up around 9% for the year as it traded near the top end of its recent range near 4,200.
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