Stocks traded choppily as investors digested a host of earnings results and next moves from policymakers to support the economy. The Dow Jones failed to hold early gains with only 8 stocks in the green, led by Intel (INTC) who is drifting towards the $60 level. The S&P 500 retreated about 0.15% whilst the Nasdaq is flat.

Among the notable market moves this morning, Bitcoin (BTC) rose to a new record high, driven by additional signs of broader private sector adoption of the cryptocurrency as a potential medium of exchange.

Energy paired gains as OPEC said it expects demand for crude to rise by 5.8 million barrels a day in 2021, down 100k barrels from its January forecast. Technology is the only sector in green with semiconductors leading. A group of U.S. chip companies sent a letter to President Biden urging him to provide “substantial funding for incentives for semiconductor manufacturing.”

Breadth is bearish this afternoon with down volume on the Nasdaq 2-1 ratio.

We have taken a couple of profits this morning and are up in cash.