Rekt Mkts: Oil climbs, memory holds up

Well the US is back from the long weekend and oil continues to sneak higher up to $93 on WTI. Stocks are a bit softer and crypto is down, but memory is still green after a big Friday.

Reuters reports that Houthi attacks halted operations at some Saudi energy facilities today, while shipping through Hormuz has slowed amid renewed Iranian threats. Brent got close to $100 earlier and WTI reached roughly $94.70. WTI has since eased to around $93, still up about 1.8%, while gold futures are up roughly 0.4% near $4,447. S&P futures are down roughly 0.4%, with Nasdaq futures down about 0.2%. Treasury yields are broadly steady rather than extending the earlier pressure, with the 10Y near 4.78% and the 30Y around 5.24%. PPI is due Thurs and CPI Friday - needless to say very important numbers following Friday's mega payrolls print before we head into the FOMC next week. The market continues to price in a 25bp hike, but that could all change in a couple of days.

SNDK is up roughly 2.4% and MU about 0.7% in early US cash trading, against a softer wider market. SK Hynix also finished green in Korea, up roughly 0.6% against KOSPI down 0.6%, altho Kioxia lost about 3.6%, so the strength is not across the whole sector. Definitely feels like we've had a long period of consolidation for memory stocks and now that we're starting to climb out of it while the AI narrative strengthens again this stuff still looks highly attractive to me down 30-50% from this year's highs. I don't think I'm so much a believer in it all being a cycle, but, whichever way the wind blows stronger is what seems to dictate price action.

Majors are softer, with BTC around $77.9k, down roughly 1.8% over 24 hours, ETH near $2,458, down about 1.6%, and SOL around $103, down roughly 2.3%. HYPE is weaker again, off about 5.6%. The Robinhood ecosystem has taken another breather with PONS about 30% off its recent highs after STONK on Solana posted two back-to-back $1M+ revenue days taking it to a mkt cap of around $130m. The larger cap meme/stocks have held up relatively well but remain below their recent highs of the weekend shenanigans, and I still find it a little bit concerning that we're not seeing a proper follow through on any one of these names, although it may just be a game of patience (I just find it hard to bag hold memes in this environment). Hunter Biden announced he's launching a coin called $LAPTOP on Base on Weds, tbh, I don't think this news has been very well received by CT and as it's been pre-announced the surprise factor has been completely stripped from it. My 2C is it's probably not one to get involved in and although we started to see a liquidity suck over the last couple of days I think I'd rather buy better, more established coins that have sold off into this. It's definitely put me on alert though, these types of big liquidity sucking launches have only ever ended poorly. Good luck today. Good luck today.