Afternoon Note
It has been mostly a wait and wait and wait for Coinbase (COIN) to open for trading. But other things are going on, including a return of the Energy trade and weakness in Technology stocks. I think it is mostly hot money hands dumping stocks to buy COIN.
I am thrilled with the reaction to Goldman Sachs’ (GS) earnings, as the market needs leadership from Financials. Although, all the big banks better get with the Fintech world ASAP.
Meanwhile, money just keeps switching back and forth from value to growth, to reopening from stay at home. I'm looking for all ships to ride higher on the same tide. Much of that depends on the Federal Reserve and Jay Powell, who is speaking right now.
Everyone is asking about COIN, and the answer is, I would buy it under $300. But anyone that buys better be ready for wild gyrations and be a long-term holder.
The current opening indication for COIN is $380, valuing the company at about $100 billion. Ka-ching.
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4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
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4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
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4/11/2024 1:38 PM | No Urgency |
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4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
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