The AI-meme stocks are moving higher with AMZN having a buyable gap up at today's open.
The Fed is close to pivoting away from their most aggressive tightening regime in history. CME Fed Futures show one more rate hike when they meet in July, They will keep rates elevated until a series of interest rate reductions starting Jan 2024 leading all the way down to 350-375 bps by Dec 2024. Of course, this remains data dependent.
Markets are also optimistic about the Blackrock Bitcoin spot ETF which has helped the Bitcoin mining stocks continue their uptrends despite Bitcoin itself somewhat lagging as it attempts to clear resistance between 31-32k. Best not to chase Bitcoin as it still lacks stablecoin liquidity to fuel it materially higher.
Buyable Gap Up - AMZN, Fed CME FedWatch, Bitcoin miners
|Published:||13 Jul 2023 15:27 ET|
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