Lidia Thorpe was chosen for her role based on race and gender rather than merit. If we keep doing that, our society will never heal the rift racist policies create.
Last night was a case of Sell Tech and buy everything else...
Dow was up but S&P and NASDAQ were down and out with the NASDAQ being the ugly horse in the glue factory.
Source: Market Watch
Super stock Nvidia is now down 16% from it's highs from last Thursday which has had the effect of driving down the MAG 7 to a 12 day low!
And before I shift our gaze to non-equity markets, we note that the equal-weighted S&P 500 is back at its weakest level 'since Lehman' relative to the market-cap-weighted S&P 500.
Source: Bloomberg
Meanwhile, Bitcoin was not so lucky as FUD over Mt.Gox supply sent the largest crypto currency reeling back down below USD$60,000
The now-defunct Bitcoin exchange Mt. Gox said it would begin distributing assets stolen from clients in a 2014 hack starting in July, after years of postponed deadlines.
In 2014, hackers stole around 740,000 bitcoin, worth $15 billion today, in one of many attacks on the exchange from 2010-2013.
After declaring bankruptcy in 2014, Mt. Gox has faced numerous delays in repaying victims.
Last year, the Tokyo court set an October 2024 deadline for the exchange's civil rehabilitation plan.
BTC looks oversold to me so I expect a bounce in the next 48hrs.
and before we go, check this: Saudi Aramco controls 259 billion barrels worth of oil and gas reserves, which is unmatched by any other company globally. This is a key factor in the company’s massive $1.8 trillion valuation.
Source: Visual Capitialist
Saudi Aramco produces 9 million barrels of oil a day, more than any other firm and nearly a tenth of the world’s total.
In addition, the state-run oil giant is the world’s most profitable company, generating $722 billion in profits between 2016 and 2023.
Finally, amid all this malarkey, there is one more pillar of irrational support for sky-high valuations that is about to evaporate (albeit briefly)...
Source: X
After Friday's 'gamma unclenching', the death of the banal bid from US corporates could just be the catalyst for some catch-down to reality.
Happy Tuesday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
