Market Wrap

Dow: +239.79…
Nasdaq: +212.28… S&P: +44.74…

The S&P 500 (+1.0%) and Nasdaq (+1.4%) rallied to record closes on Thursday, bolstered by better-than-expected earnings reports, mega-cap strength, and infrastructure optimism (the latter failed again after hours). The Dow gained 0.7% while the Russell 2000 rose 2.0% and rallied back hard after yesterday’s selloff. We are long TNA. The Nasdaq also set an intraday record high.

It’s still wild out there. I’m seeing SPAC stocks go from 10 to 20 in a day and back to 10 in the aftermarket on the same day. Retail loves these names but it’s only a  matter of time before most of them trade in fractions.

Bitcoin had a mini flash crash today then rallied to close on the highs. Ethereum (ETHE, we’re long ) also had a good day.  Crypto is crazy.

The Trump SPAC (DWAC) went from $10 to $175 in a day. It’s pulled back to 74. The chart looks great but scary to trade. Tight stop if you do. Nice bull flag.

How about this SPAC?. 10 to 18 and back to 10.

See you guys in the morning.

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