There are a few teracap stocks pushing the indices higher. Other than that, we have a narrow and bifurcated tape.
There is nothing unusual about the largest capped stocks rallying whilst most stocks trade lower. We have been stuck in this universe for over 3 years now. You can look at the performance of the Nasdaq vs the Russell for concrete proof.
My suspicions are this is the result of very large institutional buying: sovereign wealth funds, asset managers, large banks. The retail traders are simply looking at $GME and everyone else is in $BTC or some Solana shit coin. For the most part, trading has been difficult because of this narrowness. I suppose it could’ve been really easy if we all just went all in on $NVDA.
There is notable strength in $TSLA today and that’s a good thing. I’ve been waiting for it to breakout for a long time. It’s one of the cheapest, if not the cheapest, mega tera cap companies traded.
I went to cash this morning, +37bps, waiting for the afternoon to re-enter.
If you enjoy the content at iBankCoin, please follow us on Twitter