Market Recap 6/21/23

Dow -102.35 at 33951.43, Nasdaq -165.09 at 13502.58, S&P -23.02 at 4366.96

A thought for this evening.

As we all know the Nasdaq rally has been relentless. The rally was predicated on the expectation that the Fed would pause and then cut.

Today, Powell was hawkish and seemed to buy back some of his dovishness. He said inflation was far from tamed and to expect more increases.

So if Nazzy exploded on pause and rate cut expectations…..but all they get is the one pause, then interest rate increases, what happens to Nazzy?

Nazzy does well with rates low, not so much if they are rising.

I’m just throwing it out there, but Nazzy was the heaviest today and there are a lot of profits to be taken. This would lead to a rotation into other sectors perhaps. Which sectors? I don’t know yet.

Nazzy is up 30% this year. Could it give back a third of that? Why not? The chart is still bullish, I’m just spitballin’ here.

If you haven’t noticed, crypto has been going bonkers again. Bitcoin, MARA, RIOT, and ETHE are popping?

Maybe evil Blackstone had something to do with the move. I mean we can all trust Larry Fink right?

Welcome to the arcade. It’s their world and we just live in it.

VVX triggered today.

A few longs I’m watching are DO, BLMN, and LNTH. Keep you posted.



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