Rekt Mkts: Stocks rebounding while crypto remains firm

Ahhh the old ranges hold once again. Stocks are still stalling at the same highs while crypto keeps finding buyers...pretty hard to ignore where the real activity is right now for the average degen like myself. I still think equities can grind through the final week of August, but the stronger tape is clearly onchain...altho we've had a nice reversal today in futures.

SPX fell 0.3% yday while NDQ lost 1%, with the weakness concentrated in tech rather than broad liquidation. Futures are trying to reverse that this morning, with S&P futures up around 0.4% and Nasdaq futures up roughly 0.9%. Rates still firm: the 5Y fell roughly 2bps to 4.41%, the 10Y dropped around 3bps to 4.70% and the 30Y declined about 5bps to 5.23%. WTI is down roughly 3% near $82.50 this morning, while gold is up around 1.1% near $4,694.

As I wrote yesterday's brief quite late I don't have a whole lot more to add here but I think it's notable that KOSPI finished marginally in the green despite a weaker US tape, and with the US bouncing today I would expect it to be strong tomorrow. We're seeing stuff like SK Hynix already trade higher on Hyperliquid and it re-enforces my view that I think Korea could outperform the US a bit here with positioning theoretically much cleaner.

Strong strong strong still. BTC is around $79.3k and up 2.2% over 24 hours, ETH is near $2,482 and up 0.7%, while SOL is the standout major, up 5.3% near $99.70. HYPE is up 3.4% around $81. The Robinhood ecosystem is where the price action is again. CASHCAT is up roughly 42% near $0.205 on around $14.5m of volume, while PONS is up about 26% near $0.088 having hit new ATHs of 0.097. STONKBROKER is down around 5%, so this is not a blind ecosystem-wide pump, but liquidity is clearly active. Personally I don't see this train stopping for Robinhood and risk/reward still very skewed towards the upside if we see a broader crypto rally and further ecosystem growth. Good luck today.