The Weekend Rip: Will Doge Rise Again?

Tale of the Tape

Good evening, y’all. Happy Mother’s Day to all of the amazing Mom’s out there! 💓 

Crypto stole the show this weekend. 🍿 Dogecoin dipped as much as 35% while Elon hosted SNL. Still, the coin closed 50% higher last week. 😂

Ethereum etched a ~ 31.5% weekly gain and closed at new weekly highs. $ETH.X ticked a high price of $3,984. Can the crypto crack 4K next?? Place your bets… 

Here’s $ETH.X’s daily chart:

The market of stocks sorted itself out… kinda. The S&P 500 and the Dow plowed to fresh all-time highs while the Nasdaq flags out under 14,000.

Financials, materials, and industrials were the top performing sectors, all closing at all-time highs. 🌅

Lumber futures cranked higher for the eighth consecutive week. Will the wood continue to waltz or is it time to timber??

Here’s the weekly S&P 500 chart:

And last week’s changes: 

S&P 5004,232+1.23%
Russell 20002,271+0.23%
Dow Jones34,777+2.67%

Kentucky Derby Doper?

Because of a failed post race drug test, Medina Spirit’s win in the Kentucky Derby is in doubt. Churchill Downs suspended Hall of Fame trainer Bob Baffert on Sunday, in the latest scandal to rock the racing world.

During the Kentucky Horse Racing Commission’s inquiry, Baffert denied any misconduct and vowed to be open with the commission. Medina Spirit tested positive for an abnormal level of betamethasone, a steroid that is often used to relieve discomfort and inflammation in horses.

Churchill Downs said this in a statement:

To be clear, if the findings are upheld, Medina Spirit’s results in the Kentucky Derby will be invalidated and Mandaloun will be declared the winner. Given the seriousness of the alleged offense, Churchill Downs will immediately suspend Bob Baffert, the trainer of Medina Spirit, from entering any horses at Churchill Downs Racetrack.

The Dogefather

Buy the rumor, sell the news? $DOGE.X lost over 30% last night as Elon Musk, “the Dogefather”, hosted Saturday Night Live. 

After reaching a high of $0.73 Saturday night, the fifth largest cryptocurrency plummeted below $0.50. To make matters worse, Robinhood reported issues with crypto trading… 🙈

Oddly enough, SpaceX announced that it will fly the “DOGE-1 Mission to the Moon” in Q1 of 2022. Dogecoin will serve as the full payment for the lunar payload. 👀 😂

DOGE-1 is a 40-kilogram cube satellite that will be launched as a spacecraft on a Falcon 9 rocket, according to Geometric Energy Corporation. The payload “will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”

Sunday Links:

⛳️ The Making of Te Arai: Golf’s next great site 

💰 An Age Old ‘Game’ — Investor Amnesia 

🐒 Chimpanzee Moms Are Like Us 

🌞 Here Comes the Sun King

🥊  A prime Canelo Alvarez is still adding to his game 

🍿 Some Sunday Reads 

🗣 JPMorgan CEO Jamie Dimon shares success advice to college graduates 

The Week Ahead

And now a brief and well-organized look ahead at the trading week beginning Monday, May 10th, 2021:

Economic Calendar:

5/12 April Consumer Price Index (8:30 AM ET)
5/13 April Producer Price Index (8:30 AM ET)
5/13 Jobless Claims (8:30 AM ET)
5/14 April Retail Sales (8:30 AM ET)

Here’s the full Economic Calendar provided by Briefing

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar