Crypto is surging, rates are flying, and small caps are absolutely soaring today. There are so many big movers, it’s hard to keep up. The regional banks!…
Crypto is surging, rates are flying, and small caps are absolutely soaring today. There are so many big movers, it's hard to keep up. The regional banks! The KRE ETF is trading at $65!back to pre-SVB-collapse levels. Goldman Sachs is soaring 12% today--can you say deal boom, anyone?
I've been asking around and I can't even find many traders who want to fade these moves. A friend of mine asked last night, when Bitcoin was first breaking out, if it meant that a move to $100,000 by year-end could now be in play. I replied, in typical contrarian markets fashion, that these moves could be a"buy the rumor, sell the fact" kind of event. But nope--nothing like that today.see markets putting on a"red sweep" trade last week.
It just evidently didn't go far enough. Plus, we had a bit of a"Harris pullback" on Monday after the Iowa poll was released, so perhaps that reset those trades for the rally we're seeing today.The short, obvious answer is that in the long run, stocks always go up. The more tactical answer is that big breakout moves like these--especially the move in small caps today--often precede more long-lasting rallies.
And the irony is that the Fed is about to cut overnight borrowing rates again tomorrow, by a quarter-point, to just over 4.5%. Many are still convinced that at some point, longer-term rates will settle down enough to transmit these cuts more broadly throughout the economy. But the 10-year yield is now upfrom where it was the day before the Fed delivered that jumbo rate cut in September.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto.com Overtakes Coinbase to Dominate North American Crypto Trading, Data ShowsAs the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. Previously, his role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin.
Read more »
Crypto for Advisors: Don’t Be Spooked By CryptoBryan Courchesne is the founder and CEO of Newport Beach-based DAiM.
Read more »
Russian Influencer ‘Queen of Crypto’ Facing $22M Crypto Fraud Allegations: ReportCrypto Blog
Read more »
Crypto's $245 million campaign finance operation filled airwaves with ads not about cryptoThe crypto sector emerged as a top donor this election cycle, but the ads it funded weren’t about digital currencies.
Read more »
'Live With Kelly & Mark's Nutty Interruption Steals the ShowKelly Ripa and Mark Consuelos hosting &39;Live with Kelly & Mark&39;
Read more »
Crypto Wallet Provider Issues Important Alert to Crypto Users: DetailsCrypto wallet provider Ledger has issued security alert to its users
Read more »