Rekt Mkts: Always buy the dip, never be bearish, nothing ever happens

Painful watching from the sidelines for me as AI + memory stocks continued their rallies and are once again opening in the green today. As the saying says..."always be long".

SPX gained 0.7% yday while NDQ rose 1.1%, and US futures are modestly green this morning after that move. July PPI was unchanged month-on-month versus the 0.2% increase expected, which helped push rate-hike bets and Treasury yields lower yday. This morning the 5Y is around 4.30%, the 10Y is near 4.65% and the 30Y is around 5.23%, so the long end is already edging back up. The headline was welcome, but core PPI rose 0.4% and annual headline PPI is still 4.7%, so personally I'm not ready to declare the inflation problem solved, but it's understandable why the market is rallying. I feel like I've not been the only person who's been cautious and I have no doubt others out there have been more extreme in taking short positions, so what we're seeing here I believe is mostly a squeeze into the end of summer with no more major catalysts until payrolls on the first week of September. WTI is basically flat near $81 this morning while gold is up around 1.6% near $4,432. Peace efforts with Iran remain stalled and the threat of an expanded US naval blockade keeps the geopolitical risk alive into the weekend. After the PPI-driven rally, the useful test now is whether yields stay contained and stocks can actually hold these ATHs...but despite my sell strength narrative we've certainly broken through many key levels on many stocks.

The squeeze broadened yday but memory was still the main event and is exacerbated this morning by Elon tweeting "few realise this" in reference to memory continuing to be the main bottleneck over compute for AI. SNDK ripped 13.7%, MU gained 4.2% and Meta added 2.8%, while NVDA was only up 0.5% and NBIS fell 1.6%...but everything is opening a decent amount higher again today. Asia followed again today. KOSPI gained 2.4%, with SK Hynix up 3.3%, Samsung gaining 2.4% and Kioxia adding 3.7%. Two consecutive sessions of broad follow-through are harder to dismiss as one random bounce. Not really sure what to do here, it feels like the market has shown its hand over the next 2 weeks and if I was long risk I would certainly be holding until the beginning of September, but I'm not, and now I must figure out whether to top blast or sit it out...I think the momentum here is hard to ignore.

Crypto majors are softer this morning despite the equity rally. BTC is around $62.7k and down 1.5% over 24 hours, ETH is near $1,872 and down 0.8%, SOL is around $75.40 and down 0.8%, while HYPE is near $56 and down 2.6%. There was supposed to be an SEC meeting today on crypto but it sounds like it's been rescheduled, despite some rumours flying around it sounds like it's just a scheduling issue but it's one to watch out for along with CLARITY. The Robinhood Chain tape has had its second major pullback. PONS is around $0.040 and down 13.3% despite pulling another 6-figure revenue day after launching the ability to pair tokens with stocks. It remains one of my meaningful positions, and I'm more focused on keeping track of its market share and revenues rather than daily price action. Elsewhere many memes across the RH ecosystem are down anywhere from 10-40%, while STONKBROKERS is the outperformer climbing 14% today after having a tough one yesterday. Personally still bullish on the entire ecosystem, and though I would not be necessarily stepping into specific memecoins here I think owning longer-standing projects with exposure to ecosystem growth can be a strong play over the next few weeks and months. Separately it's worth noting NFTs are absolutely popping on the RH chain with a handful or projects managing $1M+ volumes in the last 7 days with many big movers higher. Good luck today and touch some grass this weekend.