November 1st was the first trading day of November. Nvidia was the top performing stock of the S&P 100 over the previous six months from May through October. Therefore, I held the four shares which I previously bought on September 1 for $225.79 each for a total of $903.14. I also held $36.24 in cash which equaled a grand total of $939.38.
Last Tuesday, November 30th was the last trading of that month and Nvidia (NVDA) closed at $326.76 so my four shares were valued at $1,307.04. Add the $36.24 in cash to that amount and the grand total equaled $1,343.28 through the first seven months with this strategy.
I started with $1,001.66 on May 3rd. So over the last seven months, this modified strategy is up 34 percent. Over that same time (May through November), the benchmark SPDR S&P 500 exchange traded fund (SPY) went up from $419.43 per share to $455.56 or 8.6%. Therefore, our strategy is outperforming the market through November.
The Top Stock Four Months in a Row!
Nvidia Corp. has done really well over the last six months and has been the top performing stock in the S&P 100 index in August, September, October and November.
Why is Nvidia doing so well? If you recall from the second to last post, Nvidia is the leader in computer chips used for graphics and artificial intelligence. And both of those applications will factor heavily in developing the metaverse.
Check back in about four weeks to see if Nvidia is the top stock five months in a row or if Tesla has replaced it.