Rekt Mkts: Sticky inflation, Nvidia next

I'm still leaning towards the late-August grind, altho by definition we are running out of time for that lol. Stocks bounced yday, Korea followed and crypto is taking a breather without really breaking. Sticky PCE has not wrecked the setup...now Nvidia gets to show whether good news can actually hold (or is good news bad?)

SPX gained 0.3% yday and NDQ added 0.6%, while futures are basically flat today. Headline PCE held at 3.7%, a touch above consensus which was 3.6%, while core held at 3.3%. Both rose 0.2% on the month and consumer spending slowed to 0.2%. Bit of a nothing burger and I think you need more of a variance on this number ofr the market to care. The 5Y is around 4.37%, the 10Y near 4.65% and the 30Y around 5.18%, up roughly 2bps, 2bps and 1bp today. WTI is down around 0.4% near $82.10 on tentative hopes around the Strait of Hormuz, while gold is slightly higher near $4,646.

Tech rebounded ahead of Nvidia yday, but the memory read remains mixed rather than clean. Korea was modestly firm again today, with KOSPI up roughly 1%, Hynix up 0.6% and Samsung up 1.8%. The US is more bifurcated: Nvidia is down around 0.9%, while MU and SNDK are up roughly 1%. I'm still long Hynix, SNDK and MU. Nvidia reports after the close and the reaction matters more than the headline numbers for me. If strong demand commentary brings a proper bid into memory then I think the cleaner positioning in Korea and the late-August grind still have legs. If good news gets sold, especially in the names that have been leading, I will reassess rather than force it.

Bit of a breather rather than a breakdown so far. BTC is around $78.1k and down 1.4% over 24 hours, ETH is near $2,450 and down 0.9%, while SOL is lagging again, down 1.8% near $96.10. HYPE is basically flat around $81. After the run we've had that feels pretty orderly to me, altho SOL lagging is worth watching if ppl keep moving back towards the safer end of the curve. Robinhood Chain is still active but selective. PONS continues to rip, up another 20-30% today and hitting new ATHs of almost $90M mkt cap as it posted a $200k revenue day yesterday. It's still one of my largest positions and personally I don't think the Robinhood train is done if broader crypto holds up, but the split shows that mindshare and liquidity are choosing winners rather than blindly lifting the whole ecosystem. CASHCAT remains the main meme benchmark as it starts to solidify around a $200M mkt capp, while NET pushed to fresh highs on its strange mix of reserve-backed yield and casino products...they call it the OHM of Robinhood. DTF was probably the more interesting launch, offering custom onchain baskets of tokenised stocks and DeFi assets. The idea fits the current RWA narrative nicely, but now it needs actual users rather than launch-day speculation. Good luck today.