One thing notably missing from the market's fresh euphoria is another surge in crypto
The rally, which has left the S&P 500 SPX up 15.3% for the year, and the Nasdaq Composite COMP up 29.5%, is throwing up the kind of stats to give technically-focused bears severe conniptions.
There’s also bulls’ seemingly heretical — some may argue ultimately suicidal — dismissal of the market law ‘Thou Shall Not Fight The Fed’ as they challenge the central bank’s interest rate projections. “You throw cash into this product and pay fees to underperform bitcoin in the long-run. The only difference with BlackRock’s trust seems to be that you can take the bitcoin in-kind if you wish,” he said.
“It is not clear when the Ripple vs SEC case will come to a conclusion…[but] the revelations from the “Hinman documents “ boost the ethereum case to avoid being designated as [a] security,” JPMorgan concludes.Markets U.S. stock-index futures ES00 YM00 NQ00 are up, while benchmark Treasury yields TMUBMUSD10Y firm. The dollar DXY is little changed after Thursday’s sharp fall, while oil prices CL.1 dip and gold GC00 is a touch higher.
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