Market Notes:
The dumb money rotation is right on schedule. First meme stocks, then crypto, and now the OTC market.
Bitcoin is holding up well this morning though it’s having trouble holding above $40K. A punch through $41K will confirm the breakout for me.
Meme stocks have yet to die as AMC continues to consolidate. However, listed stocks underperformed when compared to the OTC market. I’ll keep an eye out for heavy volume in the OTCs, likely to ignore the listed side today.
The SPY is at all-time highs ahead of the Fed meeting. The media is inching for something besides bitcoin and memes to talking about so they’ve been trying to frame this meeting as important. It’s not, rates stay at zero … Look at gold and the 10-yr bond. Main street is concerned about inflation, not Wall Street.
Watchlist:
*MDIA has resistance at $5.50
*BYFC watching for a setup above $3.50
TRCH is on watch
OTC (on watch, no levels):
HTZGQ, ABML, ENZC, RECAF, DPLS, PHIL, AMMPF, APTY, MJWL, HRBC
