Yesterday was a slow day in terms of data and information flow and a strong day in terms of meme trading and speculation, as Donald Trump’s Truth Social flew with its own wings for the first time yesterday, following last week’s successful merger with DWAC.
Trump’s Media and Technology Group rose up to 60% under the ticker DJT before settling 16% higher at the end of the session, giving the day traders a nice swing. Reddit also saw some nice intraday volatility. The mother of meme stocks GME, is also showing signs of life since the beginning of this week, but that appetite will likely rapidly fade after the share price tanked 15% in the afterhours trading, after an earnings and revenue missed.
In the base case scenario of 3 cuts, the stock rally is expected to broaden beyond technology, the S&P500 equal index is expected to catch up with the normal weighted index, interest should also broaden in favour of small and mid-cap stocks, and commodities like gold, copper and oil. US crude is under pressure this morning as the API report printed a surprise 9.3-mio increase in US oil inventories last week. The expectation was a 1.2-mio decrease and the official EIA data is due today.
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