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Stocks Power Higher

05-24-2021

The market was rocking and rolling to the upside, led by the Nasdaq, which gained 1.5% through midday with momentum tech favorites all doing well beneath the surface. In the afternoon, the indices gave back just a small chunk of the rally, finishing near the high of the day.

Away from stocks, green paper was weaker and fixed income was stronger, as were the metals, with silver gaining 1% and gold a couple of dollars. The miners were a touch higher as well.

Ignorance Is Bliss There was a tremendous amount of weakness in the crypto market over the weekend, but that didn't matter as Bitcoin rallied today. I only bring that up because it's constantly getting so much news. One point that I've made many times already is that for all the chatter about the utility of the blockchain and NFTs, if you own Bitcoin you own none of the underlying technology.

So, as the world moves towards tokenization, however long that takes, those speculating in cryptocurrencies aren't betting on blockchain (or any underlying technology). Of course, not understanding what you own is no impediment to wild speculation, which is a huge part of what drives that market to begin with.