Crypto Rips, Mag7 Dips


Horrible US housing data and anecdotally awful manufacturing signals from Texas were the only macro of note as the world awaits an avalanche of FedSpeak and the latest core PCE print later in the week.

Rate-cut expectations continue to slide (June is now a 50-50 for the start and 2024 now pricing in only 3 cuts)...

The big overnight move was in Bitcoin which soared up above USD$54,500 today, the highest since early Dec 2021...

Source: Coinglass

As inflows keeping on flowing into the number one crypto.

Meanwhile, Mag7 stocks continued to limp lower after NVDA's exuberance last week...

Finally, NVDA was only able to add a de minimum 0.6% today, losing momentum three times intraday and completing an inside day (lower high and higher low)...

Source: Bloomberg

It does make you wonder, eh?

Source: Bloomberg

Relax! At least we have Bitcoin...

AI Generated

Happy Tuesday!

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