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Nvidia Corporation (NASDAQ:NVDA) was trading near flat on Wednesday, continuing to consolidate Monday’s surge, which saw the stock close that trading session up 8.66%.
The move higher was in tandem with the S&P 500, which was trading flat on below-average volume ahead of the release of the Federal Reserve’s July minutes, which will provide investors with clues on whether the central bank’s plans to continue its rate hike campaign into the end of the year.
Once the minutes are issued, volatility in the stock market is likely to increase, especially if the reaction to the news is negative. Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:SPKY).
SPKY is a 1.5x leveraged fund, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY), which tracks the movement of the S&P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it’s for short-term trades and should not be held for a long period of time.
As for Nvidia, the stock has settled into a possible bull flag pattern on the daily chart. If the pattern is recognized, the multinational technology company could be headed back toward all-time highs.
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The Nvidia Chart: Nivida’s bull flat started to form on Monday, with the upwards pole created on that day and the downward sloping flag printing on Monday and Tuesday. If the pattern is recognized, the measured move is just under 9%, which suggests the stock could be headed back toward the $480 level.
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