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Just as the stock market had to deal with, and eventually price in the tweets of former president Trump, it appears the crypto markets must do the same for the self proclaimed “Dogefather”. Personality can go a long way in the trading world, no matter the asset class. TSLA, COIN and the cryptos themselves are getting sold into the weekend tweets of Elon Musk. It’s a new world when a recent host of SNL can move billions with a tweet.
The SPY and QQQ are set to open slightly lower this Monday morning, and we’ll watch for a red to green move for short term confirmation of last week’s push higher. Tech names will continue to catch the eye of value based long biased traders, with some of the blue chips getting disproportionally beat up over the last several weeks.