BLACKROCK TEAMS UP WITH $COIN: STOCK EXPLODES

What a wonderful way to buoy your investment. BLK is “teaming up” with Coinbase to provide clients with access to cryptos, whatever the hell that means.

As such, shares of COIN have exploded higher by 30%. I’m not even gonna offer an opinion.

Early going the rotation trade is strong — out of commodities and into consumer oriented names. It’s worth noting the Stocklabs quant expertly exited a heavy overweight oil position 8/1. It’s also worth noting, I got caught short China (which is soaring) and long CROX (who missed) and now find myself DOWN 400bps with a long only book even after booking a 15% gain in XELA last night.

‘Tis the breaks.

I’ll probably hold here and wait.

As for COIN, it’s very nice they cut a deal with a shareholder to rig their shares higher; but I wouldn’t chase it here. Hey, at least they’re not going to zero anymore. That’s the big takeaway here. The absolute doom trade is over.