Tale of the Tape
Happy freakin’ Friday, folks!! The market of stocks had a mellow session to finish the week.
The small-caps stumbled 0.18%. Every other major index closed higher.
Real estate rallied 0.7%— see $XLRE in the weekly charts below. Communications, consumer discretionary, and basic materials all closed lower.
Crypto clapped back. 👏 Bitcoin broke down 7% while Ethereum nestled -9%. Will crypto go crazy as equity markets close for the holiday break?? Who knows.
Nvidia broke out to blue skies. ✈️ The chipmaker marched 5% as it nearly finished above $650. Here’s the daily chart:
The Memestocks got stuffed. $AMC gapped up, ripped, then flipped to close >$5.50 below its opening print. $GME dropped 12.6%.
Here are the closing prints:
| S&P 500 | 4,204 | +0.08% |
| Nasdaq | 13,748 | +0.09% |
| Russell 2000 | 2,268 | -0.18% |
| Dow Jones | 34,529 | +0.19% |
Weekly Candles 🕯
Cheers to another week on Wall St!! 🍻
The Russell 2000 was the strongest major index. $RUT ripped 2.42% to close at its highest weekly mark since early-May.
Real estate broke out to blue skies— $XLRE rallied 2.17%. It’s up more than 18% in 2021.
The semis had a strong week. 💪 VanEck Vectors Semiconductor ETF $SMH surged 4.6% and closed within 5% of all-time highs. Will the semiconductor sector follow $NVDA to blue skies? Time will tell…
Social stocks posted another solid week. Facebook flew to an all-time weekly high.
Snap streaked for its second straight week. The stock settled at its highest price in more than a month. 💰
Bitcoin struggled to bounce back after last week’s beating. $BTC.X is still ~20% off its May 19 low.
Ethereum bounced back better than Bitcoin. $ETH.X trades at ~2,500, up more than 44% off last week’s low.
Where will crypto crack next? Place your bets…
Happy Memorial Day!🇺🇸
A friendly reminder that US Markets will be closed this Monday, May 31st for Memorial Day. 🇺🇸 🦅
Enjoy the 3-day weekend, we’ll see you all again next Tuesday!! 👋
Comedy of Errors, But Make It Crypto
Crypto or cannabis??
UK drug police recently raided a Birmingham cannabis farm, and guess what they found? Not weed, but a crypto mining lab with massive mining machinery, hundreds of computers, and a forest of entangled wires. 🤔 😅
British officers scratched their heads as initial evidence pointed to cannabis cultivation rather than illegal Bitcoin mining. Later, however, the police found ventilation ducts and heat radiating from the farm— the crypto lab was stealing thousands of pounds worth of electricity from the main grid. ⚡
Although mining is not illegal in the UK, power theft certainly is. Read more about the secret crypto mine here.
Sweden Goes Digital 🇸🇪
Sweden expects its central bank digital currency (CBDC) to kick off soon.
Riksbank, Sweden’s apex bank, has decided to test the country’s new CBDC (dubbed the ‘e-krona’). The bank’s currency experiments will involve collaboration between Riksbank and Handelsbanken, a Swedish retail bank chain. Experiments will produce a study of how the CBDC might handle real-world payments.
If everything runs smoothly, Sweden could be the second country after China to advance its CBDC plans. 🏅
Best of luck, Sverige!! 🇸🇪
Big Tech Exposed?
Congress could pass the Algorithmic Justice and Online Platform Transparency Act of 2021, a new federal bill which seeks to expose social media and big tech companies.
The Algorithmic Justice and Online Platform Transparency Act intends to expose injustices caused by social media algorithms— the bill will disclose methods used by big tech companies to determine feeds and posts visible to their users.
Massachusetts Senator Ed Markey said:
It is time to open up Big Tech’s hood, enact strict prohibitions on harmful algorithms, and prioritize justice for communities who have long been discriminated against as we work toward platform accountability.
Some businesses and platforms have retaliated, claiming exposing social media algorithms could be “risky.” Chamber of Progress Founder Adam Kovacevich commented:
No one wants tech to exacerbate racial inequality or deprive people of opportunity. One approach would be expanding our existing civil rights and discrimination laws in housing, employment, and credit. There’s some danger that fully lifting the hood on tech algorithms could provide a road map for hackers, Russian trolls, and conspiracy theorists.
What will come of the government’s latest blow to big tech? 🥊 💭 Read more about the federal bill here.
Links That Don’t Suck
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⏳ The Tulsa Race Massacre | 100 Years Later
🎨 The World’s Largest NFT Museum Is Coming to New York
🍿 Dan McMurtrie, Founder of Tyro Partners LLC, Discusses Information Overload and Behavioral Investing
🚂 NYC Rail Tunnel Takes Key Step Toward Cash After Trump Snub
📡 Sweden Is Building a Massive Space Complex— And It’ll Be Europe’s First Orbital Launch Site for Satellites
👟 Design Museum Curator Picks Five Most Innovative Trainers from Sneakers Unboxed
🧬 You Can Buy a Piece of a Nobel Prize-Winning Discovery
