Portfolio Watch: Stock Market Key Trends | June 21, 2023

The NASDAQ 100 is exhibiting a short-term top on the chart. Certain key stocks like #Nvidia and #Tesla are leading the market upward. In particular, Nvidia has been performing significantly well, making it a stock of interest. #Gold is currently on a downward trend, with a potential pivot around the $1900 mark. This level is a Fibonacci retrace point and could serve as an excellent opportunity to enter the gold market. #Silver is also on a downswing with potential support around $22.40. However, the desired buy level is on an upsloping trend line at approximately $21.50, which aligns with a 50% Fibonacci retrace from its recent uptrend.

Being a successful trader or investor often involves maintaining a level of flexibility. It's not about being consistently bullish or bearish, but rather about identifying opportunities in different market conditions and asset classes. This could mean being short on certain assets and long on others, capitalizing on different movements and trends. It's also essential to stay rational, follow the charts, and manage fear and greed effectively. These emotions are universal across all asset classes and can create profitable trading opportunities if leveraged correctly. #SPY #QQQ #NDX #SPX #News #MarketWatch

Portfolio Watch: Bitcoin Price Forecast | June 21, 2023

Bitcoin's recent movement shows promising signs, with a notable break above a significant TrendLine on the 3-day chart, transforming it into a strong support at $22,800, as confirmed by a successful retest at $19,850. However, it's important to consider the strong resistance line that has hindered Bitcoin's growth since January 2021. Presently, #Bitcoin is making its second attempt to breach this barrier, and while this shows potential, it's vital to exercise caution as there's a possibility of rejection at this level.

On another note, the high timeframe chart reveals a parallel channel or rising wedge pattern. If Bitcoin adheres to this channel, it could potentially surge towards $38,000. However, a breakdown of this pattern could lead to a more significant price drop, with the current support level at $26,000. Based on this analysis, Bitcoin might initially climb to the $36,000-$38,000 range before potentially correcting to the $29,000-$30,000 bracket. A breakdown in the rising wedge or parallel channel would suggest a bearish scenario, possibly driving Bitcoin's price below $20,000. It's advised to conduct thorough research before making any investment decisions. #BTC #Crypto #News #MarketUpdate

Portfolio Watch: China's NEV Tax Exemption Extension Boosts NIO Shares | June 21, 2023

NIO Inc shares experienced an uptick following China's announcement of extending its tax exemption on new energy vehicle purchases. This is a part of a broader initiative, a stimulus package valued at 520 billion yuan ($72.35 billion), designed to spur automobile demand within the nation. NEVs, which include battery electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles, purchased in 2024 and 2025, will be eligible for a tax exemption of up to 30,000 yuan per vehicle.

The market responded positively to this four-year tax exemption extension, which outpaced initial expectations. The announcement triggered an upswing in several Chinese electric vehicle stocks, including Nio, a prominent player in designing, developing, manufacturing, and selling premium smart electric vehicles. The company has been at the forefront of pushing boundaries in autonomous driving, digital technologies, electric powertrains, and batteries. #NIO #News #MarketUpdate

Portfolio Watch: Barclays Downgrades Tesla Ahead of Q2 Earnings | June 21, 2023

Ahead of the forthcoming Q2 earnings, #Tesla #has seen a downgrade from Overweight to Equal Weight by Barclays. This adjustment is made in anticipation of a potential deceleration in Tesla's remarkable 2023 stock rally. It's suggested that now may be an opportune moment for investors to cash in on gains, especially given the recent AI-themed rally and excitement around Tesla's Supercharger network. It should be noted, though, that calling the top of any market surge is always fraught with risk.

Looking beyond immediate fluctuations, Tesla remains well-positioned to lead amongst original equipment manufacturers in the transition towards an electric vehicle-centric world. Renewed investor interest is expected to be kindled towards the end of 2024 and into 2025, as Tesla intensifies the production of its affordable Model 2, designed for the mass market. Meanwhile, a price target of $260 has been assigned to Tesla shares by Barclays, which have recently seen a premarket rise of 1.33% to $278.09. It's also worth keeping an eye on potential concerns around discounting and profit margins that may surface in the upcoming Q2 and Q3 earnings reports, which could affect the pace of Tesla's stock rally. #TSLA #MarketUpdate #News

All Eyes on Today’s Powell's Policy Review Amid Market Optimism | June 21, 2023

Get ready for Fed Chair Jerome Powell's semiannual monetary policy testimony before CongresS, a crucial event following last week's #FOMC meeting. Policymakers maintained interest rates but suggested two additional rate hikes for later in the year, a strategy some refer to as a "hawkish pause". The decision to hold rates is viewed as an opportunity by Powell and most policymakers to assess the broader economic impacts of their policy direction.

Powell will be addressing questions from the Senate Banking Committee and later the House Financial Services Committee, providing insight into his rationale for pausing the rate hikes and detailing the metrics the Fed continues to monitor post one of the swiftest hiking campaigns in history. With inflation exceeding the Fed's 2% target and a tightly knit labor market, the hearings will be of significant interest. Stock traders, despite last week's FOMC decision, have driven equity markets upwards, reinforcing the 2023 market rally. This positive trend is bolstered by mitigated significant risks like broad banking contagion and settled debt ceiling issues until the next election cycle, along with stronger than anticipated economic indicators, including a surprising boost in new home construction. #News #Congress #FOMC #Fed #MarketUpdate

Pepe Price Forecast | June 21, 2023

#Pepe, has witnessed a notable growth of over 15% amidst a sudden rebound in the broader crypto market. The digital coin, which soared from a low of $0.00000091 to reach a high of $0.00000111, was trading at $0.00000107 at the time of writing, marking a 15% increase in the last 24 hours and a 16% hike over the past week. Its trading volume has surged by 140%, a likely outcome of traders seeking to capitalize on the recent market volatility.

This resurgence in the crypto market is believed to be largely driven by heightened trader optimism, triggered by potential filings for U.S. Bitcoin ETFs by entities such as #BlackRock, iShares, Bitwise, WisdomTree, and Invesco. It is anticipated that successful #ETF applications could catalyze substantial inflows into #Bitcoin and stimulate further market upswings. Moreover, the total market capitalization of crypto has expanded by 5.94% in the past 24 hours, reaching $1.13 trillion. Lastly, the launch of a new crypto exchange, EDX, backed by industry giants Citadel Securities, Fidelity Investments, and Charles Schwab, adds further positive momentum to the crypto industry. EDX, a non-custodial exchange, will provide a platform for firms to negotiate and execute coin and dollar trades. #Crypto #News #MarketUpdate

Tennis: AI-Powered Commentary Boosts Wimbledon Experience | June 21, 2023

The forthcoming Wimbledon tennis tournament will employ AI-powered commentary and player analysis to elevate fan engagement. This innovative approach, a collaboration between The All England Lawn Tennis Club (AELTC) and tech titan IBM, will leverage IBM's WatsonX technology. The aim is to offer audio and captions for match highlight videos, thereby delivering insights into critical game moments using specific tennis lingo. The AI technology will allow for a more extensive coverage of matches, including those currently without dedicated commentary such as senior, junior, and wheelchair matches.

IBM, a long-standing official partner of the Championships, continues to enhance the tournament with AI-based analysis tools, including player 'Power Index', match insights, and personalized highlight reels. A new addition this year will be a statistic to their draw analysis feature that assesses the perceived ease of each singles player's path to the final. The use of AI in this capacity underlines its potential to augment audience growth for major sports events like Wimbledon by creating standout digital experiences. It's worth noting that IBM's endeavors in AI-powered sports commentary are not new; they've previously applied computer-generated commentary to events like the Masters Tournament golf championship. #Tennis #Wimbledon #News

Grayscale's Bitcoin Trust Shares Surge Amid ETF Optimism and Acquisition Rumors | June 21, 2023

Grayscale's Bitcoin Trust #GBTC shares exhibited a promising surge on June 20, increasing by 11% and reaching $16.85, thereby narrowing the discount to its net asset value to 33.45%, the highest point since the year's onset. The surge in optimism around GBTC shares appears tied to BlackRock's application for a Bitcoin spot ETF, which is reported to have ignited a rally in GBTC shares, enhancing their value by over 25%. Additionally, the rumor mill suggests that Fidelity Investment, one of the world's leading asset managers, might be mulling over the prospect of acquiring Grayscale.

Despite numerous attempts by Grayscale, and several other companies, to establish a spot Bitcoin ETF, they have been met with consistent resistance from the U.S. Securities and Exchange Commission (SEC). The SEC cites non-compliance with certain sections of the Securities Exchange Act, and the inability to thwart potential fraud and market manipulation or safeguard investors and public interests. In response to these rejections, Grayscale has sued the SEC, asserting that a spot ETF doesn't differ fundamentally from a futures ETF — the latter having been previously approved by the SEC. According to Grayscale, both ETF types, being reliant on Bitcoin's price, inherently pose equivalent risk levels, regardless of where they are traded. #GBTC #BTC #MarketUpdate #News

Market Watch: Minimal Shift in Futures as Powell Readies for Capitol Hill Amidst Yield Curve Inversion Concerns | June 21, 2023

As we observe the landscape today, stock index futures, including S&P, Dow, and Nasdaq 100, are showing marginal changes ahead of Federal Reserve Chairman Jay Powell's testimony before the House Financial Services Committee. Given that last week's decision by the Federal Reserve to halt rate hikes came with upward revisions to inflation and growth forecasts, Powell's articulation of this strategy will be closely scrutinized. With July's meeting labeled by Powell himself as 'live', and futures suggesting a 74% likelihood of a rate hike next month, the market remains wary about the implementation of the second hike indicated by the 'dot plot'.

Moving to bonds, the 10-year and 2-year Treasury yields stand unchanged at 3.73% and 4.70% respectively. Notably, the yield curve inversion could intensify during Powell's Q&A, especially considering the 2s10s inversion is currently matching its previous session peak, a 40-year record. Further, new records are being set on the curve; the 1s30s inversion reached -144 basis points, an all-time high in data available since 2002. In individual stock activity, FedEx shares have slipped following disappointing profit guidance. #News #SPX #NDX #DJI #MarketUpdate

May Sees Surge in Housing Starts, Strong Growth in Building Permits | June 20, 2023

Housing starts in May significantly exceeded consensus estimates, with building permits also showing robust growth. Specifically, May saw a monthly increase of 21.7% in housing starts, reaching 1.631 million, which surpasses the expected 1.4 million and the previous figure of 1.34 million (revised from 1.401 million). Similarly, building permits grew by 5.2% on a month-to-month basis, amounting to 1.491 million. This figure is greater than the consensus estimate of 1.433 million and the preceding figure of 1.417 million (revised from 1.416 million). #News #Housing #MarketUpdate

Today’s Pre-Market Stock Mover | June 20, 2023

Among the notable pre-market stock gainers are EBET, seeing an impressive surge of over 105% due to substantial trading activity, and Evelo Biosciences, which is experiencing a 67% leap in stock value following a standstill agreement. Other stocks such as Liquid Media, Biofrontera, and Navidea Biopharmaceuticals are also on the rise, driven by a successful business sale, increased early trading, and high trading volume respectively. The stocks of Owlet, Tivic Health Systems, Aclarion, Cano Health, and Valneva are also witnessing considerable gains for various reasons, including anticipation of an annual meeting, insider buying, executive changes, and unknown factors. #EBET #EVLO #YVR #BFRI #NAVB #OWLT #TIVC #ACON #CANO #VALN #News #MarketUpdate

Today’s Economic Data | June 20, 2023

The data for housing starts and building permits for May will be released at 8:30 a.m. Following earlier statements by St. Louis Fed President Jim Bullard, his associates, including New York Fed's John Williams and Fed Vice Chair Michael Barr, are scheduled to address an event at 11:45 a.m. Additionally, FedEx will be announcing its earnings report. #News #MarketUpdate

U.S.-China Relations: Positive Momentum Amid Geopolitical Tensions | June 20, 2023

In the midst of increasing geopolitical tensions, U.S.-China relations are reportedly making positive strides. This forward momentum is credited to the commendable diplomacy of Secretary of State Antony Blinken during his recent two-day visit to Beijing. The overall sentiment from both U.S. President Joe Biden and Chinese President Xi Jinping is one of optimism and mutual respect, highlighting that the nations are on the right trajectory toward improved relations.

Blinken's visit involved pivotal meetings with key Chinese officials, including an unexpected engagement with President Xi, China's top diplomat Wang Yi, and Foreign Minister Qin Gang. These discussions were characterized by their candid, substantive, and constructive nature, covering significant bilateral priorities and a variety of global and regional concerns. Among these issues were the contentious matter of Taiwan and China's dealings with U.S. firms. A consensus was reached to continue further dialogue and maintain open lines of communication, reflecting the countries' mutual commitment to fostering a healthier relationship. #News #China #Taiwan #MarketUpdate https://nostr.build/i/72849cf1da15c075a3b03026e4a26d9cb10b07f37c5ab069f251b7da8480c66e.webp

Market Dips Amid Housing Market Shift and Yield Curve Inversion | June 20, 2023

Stock index futures indicate a softer opening this Tuesday, following a string of gains from the previous week. The S&P futures #SPX, Dow futures (INDU), and Nasdaq 100 futures #NDX are all trending lower, with reductions of 0.4%, 0.3%, and 0.7% respectively. In parallel, there has been a drop in the 10-year and 2-year Treasury yields, each by 3 basis points, with the former now at 3.79% and the latter at 4.73%. This shift in yield curves already reflects the hawkish turn from central banks, and any further yield increases are expected to be driven by economic data rather than policy changes.

On the housing front, May's figures for starts and permits are expected to show a slight dip in the former to an annual rate of 1.4 million, while permits are predicted to rise to 1.425 million. This subtle shift comes amid a broader reconfiguration of the housing market. Rather than being at the outset of recovery, the market is seen as transitioning from a collapse in demand, sales, and construction, towards a downturn in prices and housing-related consumer spending. Despite the inversion of the US yield curve, the anticipation of substantial future rate cuts could maintain its persistently inverted state. #News #MarketUpdate

Fidelity and Bitcoin ETFs: A New Chapter in Wall Street's Crypto Engagement | June 19, 2023

There's mounting speculation that #Fidelity, another significant player from Wall Street, is preparing to file for a spot #Bitcoin ETF. This comes on the heels of a similar move by wealth management titan, #BlackRock, indicating a growing interest in Bitcoin among traditional financial institutions. The contention is that Bitcoin is rapidly consolidating its dominance in the world of crypto, potentially rendering other crypto assets insignificant in value by comparison.

The combined total of assets managed by BlackRock and Fidelity is a staggering $15.5 trillion, creating curiosity about the potential portion of this wealth that could find its way into Bitcoin. Wall Street appears increasingly intent on participating in the burgeoning cryptocurrency market, with regulatory bodies potentially aiding this transition by taking action against leading crypto players such as #Coinbase and #Binance. #BTC #Crypto #MarketUpdate

Bitcoin: A Challenge to Ethereum | June 18, 2023

The crypto landscape is undergoing significant transformation, propelled by the swift evolution of #Bitcoin and the potential waning dominance of #Ethereum. Bitcoin's innovation surge, attributed to the introduction of inscriptions, #ordinals, #NFTs, and #BRC20 tokens, has opened up previously unthought-of use cases for the crypto giant. The history of Bitcoin's recent innovations is anchored on the Taproot upgrade, a pivotal step that removed data limits on each Bitcoin transaction, paving the way for a deluge of new capabilities. Meanwhile, Ethereum's status as the principal platform for #dApps and tokens might face challenges if these Bitcoin innovations gain traction.

There are downsides to these advancements that come with potential risks and hurdles. Increased transaction fees, possible regulatory scrutiny, technical challenges, and concerns about Bitcoin's fungibility are just a few examples. Despite these concerns, the transformation of Bitcoin's ecosystem could potentially lead to greater security, attracting institutional investors. On the #Ethereum side, the move to Ethereum 2.0 and the advent of deflationary dynamics could give it a new edge. As this competition between Bitcoin and Ethereum unfolds, investors and stakeholders need to pay close attention to the evolving narratives and their implications for the broader crypto landscape. #BTC #ETH #Crypto #MarketUpdate

Bitcoin: Solution to Inflation and Economic Uncertainty? | June 18, 2023

Understanding the current economic landscape, we see an environment characterized by rampant inflation and diminishing returns on traditional assets. In this context, #Bitcoin emerges as a promising investment avenue. It outperforms traditional currencies, and even gold, given its intrinsic properties of scarcity, decentralization, and deflationary nature. Inflation, a phenomenon seemingly unavoidable in current economic systems, can be sidestepped with Bitcoin, which is immune to such dilution.

Bitcoin, being cybernetically controlled, avoids the risks associated with management and labor. It also evades competition because of its unique inception, and it is future-proof due to its immutable nature. As a digital entity, Bitcoin is not susceptible to regulations, taxes, and geopolitical conflicts in the same way traditional assets are.

Further, a strategy of consistent acquisition and long-term holding of Bitcoin, rather than investing in conventional asset classes like bonds, gold, or equities, is likely to yield substantial returns. This is due to the potential of Bitcoin to demonetize traditional assets, thereby massively increasing its value.

It's important to recognize that while there may be market players who can outpace inflation through strategic investments or luck, they are in the minority. On the contrary, Bitcoin offers an accessible and potentially rewarding investment opportunity for all.

In an environment marked by economic uncertainty and inevitable inflation, Bitcoin could offer a viable and profitable strategy. Focus on what you can change and save, and consider the potential benefits of including Bitcoin in your investment portfolio. #BTC #Crypto #MarketUpdate https://nostr.build/i/7afde2f05f8ca109ce75bc8fde10bf06e4f5176a4dd6ea045c2b11d9237d6027.webp

Virgin Galactic: Road To Profitability | June 18, 2023

As a prospective investment, Virgin Galactic Holdings, Inc. #SPCE represents a fascinating case study in the intersection of emerging technologies, market demand, and financial viability. With the commencement of its commercial spaceflight operations, the company stands at the forefront of the rapidly evolving space tourism sector. However, achieving profitability remains a significant challenge due to various factors, including the substantial cost of each spaceflight and the limited number of flights that the company can operate at present.

Historical ticket sales suggest that the market for such a high-ticket experience is somewhat limited, making it difficult for the company to scale up its operations quickly. The fact that Virgin Galactic will need to run more than 70 flights per quarter to break even at the current cost structure, which translates into 20 flights per month, underscores the magnitude of this challenge. Consequently, while the company’s pioneering role in space tourism and its potential for revenue generation from other activities such as microgravity research services and commercial astronaut training is exciting, it's crucial to keep in mind the significant hurdles that must be overcome before it can turn a profit. The earliest profitability is not expected before 2026, reflecting the considerable challenges that lie ahead. #SPCE #MarketUpdate

The U.S. Stock Market will be closed tomorrow Monday, June 19, 2023, in observance of #Juneteenth. #MarketWatch

The Week Ahead: Powell's Capitol Testimony and Short-Interest Stock Trends | June 18, 203

Next week, the spotlight will be on Jerome Powell, Chairman of the Federal Reserve, as he appears before the House Financial Services Committee and the Senate Banking Committee on Capitol Hill. His testimony is set to coincide with the Fed's semi-annual monetary policy report release, adding further depth to the report's content.

In parallel, investors' attention will focus on whether the recent upward momentum of heavily shorted stocks can be sustained. Over the past week, shares with more than 20% short interest of the total float, which have experienced significant rallies, encompass Nikola #NKLA, EHang #EH, Carvana #CVNA, Workhorse Group #WKHS, Hyzon Motors #HYZN, Cipher Mining #CIFR, C3.ai #AI, Virgin Galactic #SPCE, Zentalis Pharmaceuticals #ZNTL, and Upstart #UPST. #MarketUpdate