At last, a truly bipartisan issue has been discovered, that being making money, or at least trying, by trading Nvidia stock.
Democratic and Republican members of Congress alike reveal themselves to have gathered in the pursuit of profits with this high-flying stock. Why, just Wednesday I joined in myself, buying a few shares – emphasis on a few – in the aftermarket session when Nvidia’s earnings report was not as wildly positive as usual.
The stock was down and I bought the dip, catching it a bit early in its fall, but that’s the way it goes.
And I closed out my position in the premarket session today, as a standing sell order hit while I slept. Alas, I only bought 10 shares in this experiment and netted a mere $39.97, but one never goes broke booking profits.
The main reason for my buy was to be able to claim correctly with documentation, unlike most of Cackling Kamala Chameleon’s assertions, that I did or didn’t do something.
Thereby, I joined a disparate political group regarding Nvidia that includes Republican firebrand Marjorie Taylor Greene and Democratic facelift queen Nancy Pelosi.
Admittedly, I am a mere piker compared to these two.
According to the web site capitoltrades.com, Greene bought $1,000 to $15,000 of the stock Aug. 21. Alas, her timing appears to have been less than impeccable, with the stock trading high that day of $129.35 a share and the low, $126.66. As I type this just before 11 a.m. Thursday 8-29-24, Nvidia is trading at $121.22.
What about Nancy Pelosi, whose husband Paul is an investment banker perhaps best known for standing tall in his underwear to fend off an alleged male attacker armed with a hammer who had intruded on the Pelosi San Francisco castle?
As you might suspect, Nancy goes big, whether it’s ushering Clueless Joe off the Democratic presidential ticket and onto a Delaware beach, or buying Nvidia. According to that capitol trades site, Nancy reported buying $1 million to $5 million worth of Nvidia on July 26.
The price action that day had a high of $131.26 and a low of $124.37. So, unless Nancy got some sort of discount, she’s underwater, too.
This trade hasn’t gone great for her and Paul, yet. But moomoo.com reports the Pelosi investment team previously made $4 million or so on one Nvidia options position.
The traffic from politicians in the stock is great. Again citing capitoltrades.com, Democrats have reported 135 Nvidia trades in the past three years and Republicans, 82.
Now that’s bipartisanship we can all stand behind.
Sam Ross Jr's site 