Last night there was a heart attack panic session in cryptos, thanks to a stable coin breaking peg. BTC-ETH have since recovered. Also with it, NASDAQ futs are up 232 and part of the alleviation is the fact that Russia’s Victory Day came and went without note.
Now this morning US interest rates are plunging, down 11BPS and natural gas is down another 7%. If I didn’t know any better, I’d say this looks like it might be a short term bottom, all praise to Stocklabs for once again nailing the bottom.
I had bought TQQQ yesterday for a trade and will keep it in my algo driven account for 5 days, but am likely to sell it in my trading account. I understand why some of you might want to hold stocks, hoping this is the bottom and the upside is oh so grande. But I just can’t accept the fact that markets might be bottoming before we got the chance to see some bad unemployment numbers.
That said, PFE bought BHVN today and that might help rally biotechs. Then again, NVAX is down 25% today.
It’s a hard tape and expect more earnings shortfalls, like UPST and GDRX to unravel and have you call into question the existence of God.
For now, I’ll fade the opens and play the closes and seek to make gentlemanly returns, in this environment of stock toxicity.If you enjoy the content at iBankCoin, please follow us on Twitter