The Story Behind April’s Asset Inflation
Welcome back to the Rude Awakening for Thursday, April 15, 2021.
Markets are up across the board this morning. New record highs once again.
If you watch today’s video, you will see in the S&P chart from November through March what a healthy bull market looks like.
There have been pauses along the way, with a mixture of red candles among the green. This market has been building bases along the way, creating new points of support.
However, the past few weeks are a different story…
It’s an unsustainable pattern.
Strong Earnings Action
A few of the big bank stocks have now reported strong earnings.
JPM was strong, but not too impressive. PNC was strong. WFC was very strong.
And with BAC numbers coming out today, you should expect a pop on that stock.
All the bank stocks are at nose bleed (very high) levels. Lots of activity in the bank stocks, so definitely keep an eye on those for some short-term bullish action.
But of course, the big thing we’ve been anticipating is the IPO of COIN.
This is the crypto house that went public yesterday. It was set to open at $250 per share, and it immediately popped to the $360 level. The company is now valued at almost $100 billion.
Have a great trading day, folks.
We’ll talk tomorrow!
Editor, Rude Awakening