ARB Letter - Monday Flash Update
003 - Crypto Moons, FDA Approval, and Visa buys an NFT
Monday - August 23rd 2021
Green day lads! Happy trading and don’t get euphoric.
Boeing (BA), Coinbase (COIN), Pfizer (PFE), BioNTech and more made large moves in pre-market
Tropical Hurricane Henri turns out to be a total softo - weak performance this weekend - all cap
Visa (V) became the first global brand to start an NFT collection, purchasing a CryptoPunk 7610, the firm paid $150,000 for the NFT in a transaction that Cuy Sheffield, VP of Crypto, described as one where “culture meets commerce.” Probably time to start reading up on NFTs.
The Biden administration is facing growing criticism over the handling of the U.S. military withdrawal from Afghanistan. Violence continues around the Kabul airport.
Oil seems to have recovered with Brent Crude at $67 per barrel after suffering its longest losing streak since early 2018 as of last week. RIP shorts
The Federal Reserve’s Jackson Hole Symposium is hosted virtually Thursday and Friday potentially providing clues as to when the Fed could end the emergency procedures put in place during the onset of the COVID-19 pandemic and begin raising interest rates.
“If there is any sign that the U.S. economy is slowing, the Fed won’t taper,” said Michael Hewson, chief market analyst at CMC Markets. “There is a long way between laying out a pathway to tapering and actually doing it.” (WSJ)
Branson’s Virgin Orbit will go public through a SPAC at $3.7 billion valuation. Wonder how this fares long term….
Quick update today - we will stick to our bi-weekly posts on Sundays and Fridays and are considering adding Monday Market Open Updates as well.