Home 2022 Rebound Rally Extends, Crypto Not Fringe, Fed Looking Dovish, Biden Tired

Rebound Rally Extends, Crypto Not Fringe, Fed Looking Dovish, Biden Tired

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#stocks #memes #Fed #senate #crypto #DeFi #knights #DAO #NFTs #Biden #dovish

$DIA $SPY $QQQ $VXX $USO $GLD $USD $DXY $DIDI $WISH $BTCUSD $KNIGHTSUSD

Federal Chairman Powell said Tuesday that the federal report on cryptocurrencies is expected to come out “within the next few weeks”.

Stocks extend rally following Mr. Powell’s Senate confirmation hearing. Mr. Powell’s comments reassured investors that the Fed was not going to prioritize inflation reduction above all else,

Dow +183.15 at 36252.02, Nasdaq +210.62 at 15153.45, S&P +42.78 at 4713.07

Tuesday the S&P 500 gained 0.9%,the NAS Comp (+1.4%) and Russell 2000 (+1.1%) outperformed with gains over 1.0%, and the DJIA rose 0.5%.

The S&P 500 information technology (+1.2%) led the market higher with the retracement in yields, but it was outdone by the 3% gainer in the energy sector (+3.4%). Energy stocks followed Crude Oil prices ($81.14, +3.03, +3.9%) higher. 

Conversely, the utilities (-0.9%), real estate (-0.2%), and consumer staples (-0.1%) sectors closed lower.. 

The Key technical: The ability for the S&P 500 to reclaim its 50-Day MA at 4678 is seen as good development, as the Key technical mark has shown to be a good buying opportunity for decades.

  • DJIA -0.2% YTD
  • S&P 500 -1.1% YTD
  • Russell 2000 -2.3% YTD
  • NAS Comp -3.1% YTD

Key Commodities

WTI Crude Oil futures settled higher by 3.9%, or $3.03 at $81.14/bbl, Gold futures settled $19.70 higher (+1.1%) ar $1,818.50/oz, and the US Dollar Index is-0.4% to $95.63.

Memes

The meme stocks on our watch list’ winners outnumbered losers by 10 to 1.

China’s ride-hailing giant DiDi Global Inc. (NYSE:DIDI) said the company’s chief technology has left his post of chairperson of Didi Payment. The company had no comment. 

ContextLogic (NASDAQ:WISH) also traded higher by a double-digit margin in the Noon hr Tuesday. The company had no specific news.

Lucid Group (NASDAQ:LCID) had posted the biggest gainer so far on the day among electric vehicle makers.

Upstart Holdings Inc. (NASDAQ:UPST) traded up more than 5% in the Noon hr Tuesday. The company had no specific news.

Cryptocurrencies

Private coins can compete with the Fed Digital Dollar, Crypto is not fringe now.

There is room for privately issued stablecoins to exist alongside its and other central bank’s digital currency says Fed Chairman Powell.

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Notably, some decentralized finance (DeFi) tokens that fell out of favor in early Y 2021 still managed to retain some Top spots in terms of total value locked, which represents the number of assets that are staked in a protocol. Perhaps as they are considered more battle-tested and a safer store of capital compared to newer competitors.

For now, even with altcoins in the headlights, volatility has declined in both BTC and ETH recently.

Our view is that this volatility compression is structural and will be a theme for Y 2022. That said, we believe this dip in the front-end of the volatility curve is overextended and we are adding long gamma in here.

US Economy

Tuesday’s economic data was limited to the NFIB Small Business Optimism Index, which December increased to 98.9 in December from 98.4 in November. 

Looking Ahead: Investors will receive the Consumer Price Index for December, the Fed’s Beige Book for January, the Treasury Budget for December, and the weekly MBA Mortgage Applications Index Wednesday.

Politics

Mr. Biden is tired, as the economy is rapidly rising to the top of the mind for voters as the nation moves into the midterm election season, which could spell doom for Dems trying to maintain narrow majorities in the House and Senate, as well as causing his sinking poll numbers to plummet further.

Making matters worse for him, the VirusCasedemic and ongoing supply chain issues are keeping demand for some products high and the supply low.

Gasoline and food products, which impact most voters on a daily basis, are still rising, in some cases, at record marks.

Have a happy, prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.