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Fizzle Friday is what I’m leading with. And that’s because the indices, they just, we’ve seen volatility contracting. We did have high volume today, and I’ve been talking about this, and let me just switch over to the indices. We had high volume because it was triple witching options expiration. We had $7 trillion in notional just wiped off the board. And yet, we didn’t really do that much. Here’s the Dow, here’s up eight basis points. Looks like 35 points. And if I show you the four-day chart, you can see it’s just been a lot of choppy action from the upper left to the lower right, but we didn’t even start up that high. Same thing for the Nasdaq, same thing for the S&P 500. And even if you take a look at the VIX, the VIX was just kind of meandering around that 20 level. That’s one of those big psychological magnets. But really not even a lot happening there. There was a lot happening in crude oil, but time limitations, time limitations here. We don’t have time to get into crude oil, do we?
So, so let me ask you this, Jared. Basically, it feels like summer. I mean, should we, is it time to maybe just already close the books on June at this point?
I’ll tell you what, there’s an interesting, uh, there’s an interesting phenomenon that begins next Thursday. The last three trading days of June and the first six trading days of July is called Christmas in July. And it’s kind of like the Santa Claus effect. So those nine trading days have a really high historical, uh, I guess potential to run. And I’m going to be covering that in depth next week. So we have something to look forward to, and at least that would put some maybe some green, but that doesn’t take away from the fact that we don’t really have a lot of volatility, at least at the index level that we’re talking about here.
All right.
So this brings me to my next point, buying the chip dip. And I’m going to go to our heat map, I’m going to show you what chips did today and also over these four days. Today was kind of a downbeat day for chip stocks. This is a four-day look, and I’ll show you the intraday just real quickly, so you can see only a couple names in the green, AMD and Micron. But those are two names that I want to chart here because they have been perking up recently. And here’s that four-day look again. You get a little bit more green, you can see Nvidia up about 1.3%. Here is AMD, and let’s put a year-to-date chart on there. And you can see just poking into the green. So, uh, chips are very cyclical in nature. They’re tied to the business cycle. They got hurt a lot in the liberation day selloff. But AMD has climbed back. And also seeing some action in ARM, that was up 7% this week. That’s up 17%, and you can see it didn’t dip quite as far as AMD into the red. And then Micron was another leader in the S&P 500 this week. And you can see that has now surpassed its highs from earlier in the year, and it’s up almost 50%. So that’s not nothing. So count one for the chips, at least some of them.
I know big picture, the market has been relatively quiet. What are you seeing kind of under the hood though, Jared?
Yeah, and I’ll tell you what. I am looking at some meme momentum, and meme momentum is mooning. And I just like alliteration, that’s why I put that there. But the meme stocks are seeing a little bit of a comeback and some really interesting storylines here. Uh, you know, the meme stocks got their start in early 2021. And we saw a lot of IPOs around that same time. Oscar was one of them. In fact, I think it IPOed in April or March of that year. But nevertheless, let’s take a look at the four day on Oscar. That kind of shot up. That’s up 52%, no news there to speak of. But you look at the broad board here over the four days, that’s a lot of green. Palantir, you know, you can, let me just put this on an equal weight so you get a better view. Uh, you do see a lot of green here. And also, Circle, I just threw that in. Circle, not an OG meme stock because it just IPOed. But let’s check out this price action here. And I’m going to put a max chart. Could you push that in the upper right?
I can, thank you.
One more time. I think three times a charm. Look at the magic touch. Uh, here’s the max chart, up 675% from its IPO. Uh, that is just incredible. And by the way, the revenue split on that with Coinbase, 50%. So 50% of their revenue is out the door to Coinbase. And guess who else is looking strong? Coinbase, another meme stock. Uh, that is up 27%. So, uh, you can see, what is this chart? This is a max. Let’s go to a four-day. And you can see nice breakout here. And the news this week was all about stable coins. So Circle participating from that, and then Coinbase gets half the revenue. Good for them on that. Put it all together, there’s a lot of action and a lot of activity in some of these smaller stocks that’s maybe compensating for the lack of action in the majors.
So what’s on your, uh, what’s on your radar this weekend? Dollar, crypto?
You know, I think I need to take it easy this weekend. But if I had to look at something, I would be paying attention to probably some of the other altcoins. Bitcoin has kind of slowed down. I want to see some of the altcoins pick up momentum, and then maybe we get that thrust to all-time highs.
