Early one today as I won’t be around after the close…
QQQs -64bps ahead of the jobs print tomorrow. Market rallied for a bit on Trump/Xi’s “very good” phone call, but sold off in the afternoon led lower by TSLA…
TSLA -13% as the Trump/Elon bromance seems to have come to an end…
In response to:
This all after yesterday’s:
One our readers called out the change in sentiment yesterday in the TMTB Chat room - well done!
PLTR -7%, IONQ -7%, BTC -2.5% also continue to act poorly which are 3 assets which are strongly correlated with risk on. Some consensus shorts like RDDT/TTD acting better on the downside, which might point to investors getting more comfortable increasing short exposure. Seeing some charts break below 20d - but overall price action seemed ok…will have more this weekend after going through all the charts.
Let’s get to the rest of the recap…
INTERNET
RBLX +3.5% doesn’t seem to care what market does — 3p continues to show gangbusters engagement and DAU numbers. Piper raised PT to $105 this morning saying +102% y/y growth in May user visits and that Grow a Garden could contribute $200M or 4% upside to street, saying RBLX is the Youtube for Video Games. We think it will also become the TikTok and SHOP for Video Games. Stock has made the transition from 3p tracking stock to growth darling. $100 will be +100% from the bottom in early April.
ETSY +2% as Yipit showed an accel to +3% y/y in the latest week. Stock continues to act very strong and Yipit comp gets easier next week so likely get more goodness…
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