By Michael Wilson, Goldman trader and partner
There are certain periods when price action reveals more than fundamentals. Nvidia’s results on Wednesday were of huge significance, but – despite a pretty pristine report with stellar growth off an increasingly daunting base – the stock ended the day down 8% and the most ‘popular’ areas of the market have continued to come under pressure (our basket of ‘retail favourites’ down another 10% last two weeks, ‘meme stocks’ down 13%, ‘bitcoin sensitive’ off 13%)
