Good morning, beloved Slopers and Slopettes. I sit under a bright blue North Carolina sky as three days of graduation festivities begin. Let us start with the job market which these highly educated folks are about to enter. Employment growth for the month came in about twice as strong as predicted, with 115,000 jobs added.
This, coupled with the fact that wage growth was less than expected, led to a sigh of relief (on the heels of eighteen years of successive sighs) and, yet again, as always, once more, ad nauseum, new lifetime highs on the /ES.
And, not surprisingly, new lifetime highs on the tech-ecstatic /NQ:
Looking at much more /ES history, you can see how explosive the move over the past six weeks has been. I’m going to go out on a limb and say that I’m betting at today’s close, the /ES actually manages to put in a red net change. It has got to be exhausted after a run like this
Before this is all over, I bet you’re going to find me in a corner trading just one symbol: BTC. I continue to find that Bitcoin is so much more organic and technically friendly than politics-ladened equities, and the chart is still clean as a whistle. My Bitcoin short (by way of IBIT) is far and away my largest position.
Even though Sunday is the big graduation ceremony, I’m probably going to be the most distracted today, especially after later in the day. As always, Slope is high on my priorities, and I’ll do the best I can in the time available. Good luck out there, and I’ll talk to you again soon.
