I have a few thoughts about the markets and hubris and trying to keep perspective about the next 10,000 days of our lives, as we head into the weekend.

I see multiple stocks up 20-30% every day these days, even giant multi-billion companies like SPLK and other already-overly-loved tech stocks like AMD and NFLX going up close to 10% on upgrades from analysts who have missed the entire bull market.

While that might be a great market for daytrading and momentum swing trading, that’s always fleeting. Sentiment and momentum can swing in a heartbeat and all those people highfiving because they made big gains this week are likely going to be in pain when the turn, even a temporary downturn hits. And I tend to think we’re about to get that 5-7% downturn I’ve been expecting, starting likely next week as hubris and highfiving go hand and hand. And the markets hate hubris.

And this comment from a long-time subscriber this afternoon in the Trading With Cody chat room, as the trading week comes to a close underscores the feeling that many of us, including me, have from not having owned EVERY stock that’s gone up a ton this week, even as the fact is that we do own and are up nearly 800% on this stock since we bought less than three years ago.

Subscriber: “New high today for NVDA. In your July 17 Latest Positions you mention that NVDA ‘is still quite overvalued and overloved.’ The stock is up almost $20 since July 17. What are your thoughts on NVDA in light of these comments?”