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Stock Market Update Monday May 13, 2024

Stock Market Update Monday May 13, 2024 The return of meme-stonk mania in the form of respective 74% and 78% jumps in GME and AMC obscured an otherwise dull session for equities, as the S&P 500 finished little changed in narrow range trading ahead of Wednesday’s release of April CPI.

Away From Stocks: Treasurys mostly ticked lower by one to two basis points across the curve, while WTI crude climbed back to $79 a barrel, bitcoin rose above $63,000 and gold pulled back to $2,336 per ounce. Belying the largely quiet backdrop, the VIX snapped back to near 14, up just under one point on the day. 

We are long term holders of bitcoin and our analysis suggest a break out is coming very soon. However, our trading strategy will continue to rely on algorithmic signals to initiate long positions.

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