Market Is Going To The Moon! Will Crypto Follow? It's Earnings Season Already??

Markets are coming in hot for a short American workweek continuing its rally to new records. Should we be concerned?

Crypto is holding on, but if we're honest we expected a bounce to already be happening. Nonetheless, Crypto's volatility especially in Bitcoin (BTC) and Etheruem (ETH) is showing no sign of subsiding. Ethereum is making a distinct different movement than Bitcoin if you ask me and I think we will see it return to its pre-crash highs before Bitcoin.

The stock market is eyeing earnings season on the horizon, beginning with JP Morgan on July 13th. I think we will be pleasantly surprised with earnings in general but we must also be prepared for some lower than expected numbers. Many companies are delivering on their guidance for the first time after Covid. Remember, last earnings season many companies like Apple (AAPL) and Amazon (AMZN) reported stellar quarters and it did not move the stock much because many stocks are perceived as being too expensive, so if its hard to move the stock up with anything it will be easy to move the stock down with any type of mediocre news. As always, having a healthy cash position on hand for the next few weeks will pay off.

Chinese Uber clone Didi (DIDI) is sinking like a brick in pre-market trading because the Chinese government basically took the app down from the Chinese internet. I am not a fan of Chinese IPO's and this is another proof that this fear is warranted. The Chinese government has too much control of the economy for a competitive environment, which is why only state-sponsored companies will do well, and the government's attitude can change on a dime.

Thanks for reading,

The Punkrock Capitalist