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The war is not over yet…

A humanitarian crisis is brewing, and social unrest is a matter of time if this keeps up.


A Miners Roadmap To Where We Are

While we’re waiting for Bitcoin to level off from its recent retracement, it’s timely to revisit the longer term macro cycle and get a read on where we sit inside of it. Miners are now surpassing peak revenues last seen at the top of the 2017 bull market. Historically, when miners pass prior all-time-highs in revenue, price goes through a very strong consolidation band marking a kind of “halfway point” in the bull run.


Having successfully aligned market expectations, the Federal Reserve is almost certain to repeat the message that QE tapering is not on the near-term horizon when it meets this week (Thu). The Bank of Japan is also not expected to diverge from recent language when it announces its latest policy decision (Tue). Traders are therefore likely to turn their focus on the US earnings season, which will heat up in the next few days.


1. Currencies : Keep short USD and long NZD, & CNH. The resistance for USDCNH is at 6.55–6.57. Support for NZD is at 0.7140–50. Stay short USD and look for chances to add.


As of New York Close 23 Apr 2021,

  • U.S. Treasuries traded little changed for the third straight day despite the strong new home sales report. The 2-yr yield remained unchanged at 0.16%, and the 10-yr yield increased 1 basis point to 1.58%. The U.S. Dollar Index declined -0.6% to 90.82. WTI crude futures settled higher by +1.1% to $62.15/bbl. On a related note, California Governor Newsome announced that the state will stop issuing new fracking permits by 2024. Bitcoin, slumped as much as -5% and fell below $50,000 for the first time since early March 2021 but is starting the Asia morning on a positive note with a strong recovery above 51,000.
  • S&P 500 advanced +1.1% on Friday, recouping all of Thursday’s tax proposal related decline, as investors bought the dip in most sectors of the market. The Nasdaq (+1.4%) and Russell 2000 (+1.8%) outpaced the benchmark index while the Dow Jones Industrial Average trailed with a +0.7% gain.
  • Shares of Intel (INTC 59.24, -3.33, -5.3%), Honeywell (HON 224.51, -4.75, -2.1%), and American Express (AXP 144.30, -2.86, -1.9%) struggled in negative territory following their earnings reports, contributing to the relative underperformance of the Dow. Each of these companies topped EPS estimates, but INTC issued downside Q2 guidance and AXP missed revenue estimates.


EU to shortly sign world’s largest vaccine deal with Pfizer



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