Rekt Mkts: Gold jumps as risk rebounds

Well risk has found its feet a bit after the pullback. Stocks bounced yday and crypto majors are holding, but gold is the move that really stands out this morning. Robinhood Chain is still where most of the real activity sits for me. The tape looks healthier than it did earlier in the week, altho oil remains uncomfortable and payrolls tomorrow are the real test.

SPX gained roughly 0.5% yday and NDQ added about 0.2%, snapping three-session losing runs. Futures came into the open modestly green, with S&P futures up about 0.3% and Nasdaq futures basically flat. The 5Y is near 4.48%, the 10Y around 4.74% and the 30Y near 5.23%, down roughly 4-7bps today. WTI is up about 1% near $92 as the US-Iran conflict keeps supply and inflation concerns in focus, while gold has jumped roughly 3.7% to around $4,527. Payrolls arrive tomorrow and CPI follows next week, so those matter far more to me than trying to read too much into a modest bounce. For now risk is absorbing high oil and high yields better than I would have expected but could just still be the late summer effect.

Still relatively quiet across the board here...the interesting mover today funnily enough is actually Robinhood ($HOOD) where the stock is up 13% after the fees Robinhood chain has been generating has started to hit multiple 7 figures daily. Sort of impressive to see this activity reach equity land and I have no doubt it will bring more eyes into the complex. Elsewhere memory stocks continue to struggle while the DAT space is seeing a rebound along with crypto bouncing.

Crypto is steadier rather than properly strong. BTC is up roughly 3% over $79k over 24 hours, ETH has added about 1.4% around $2,419, SOL is leading the majors at roughly 3.2% near $101.40 and HYPE is up about 1.3% around $82.50. Majors holding here matters because the risk further out remains very messy. Robinhood Chain is still the main event in my book. PONS has jumped roughly 48% after being listed by Robinhood chain and Binance Alpha, it still remains my biggest position by quite some distance...the mkt cap currently stands at just below $400m, an incredible 15x move over the past 2 weeks. Forgive me for mentioning the next couple of tickers but I do find them interesting and decided to gamble positions in them - I find the memecoin/stock pairing narrative rather interesting and I think there's going to be a strong angle to finding the best ones here while it's "early", consequently, I am now the proud owner of $BONER, which is paired with $HIMS, and $CAMELTOE, which is paired with $LULU (LuluLemon). The former has a large investment community which actually held a podcast yesterday to specifically discuss the impact of this coin on the stock, while the latter will see $LULU report earnings today after the close potentially causing some volatility given the thin liquidity. I find it all extremely interesting and I just can't help but think we're very early for this type of narrative...let's see. Good luck