Good Friday AM,

It has been a wild week to be sure. The Fed meeting notes added a lot of drama, giving traders the opportunity to create volatility. There was nothing new in the Fed statement, no revelation about inflation, and nothing to change the Fed’s path. That said, financial instruments of all kinds (stocks, bonds, metals, crypto, etc.) were pushed and pulled all over the place. Most of which now at the end of the week are largely unchanged. The big loser has been crypto which was beaten up by Tesla and then by China and then by the markets. Bitcoin is off 40% from the high in just a few weeks. I have shared before that patience is a virtue and I see that for the real financial instruments (crypto excluded). Next week starts off slow and the data mounts as the days progress. Thursday will be a big day with GDP and I would anticipate some added volatility with Friday being the unofficial start to summer and most traders working a half of a day.

A few more states have embraced the notion of forgoing Federal aid in order to incentivize people to go back to work. I think this is a solid idea. The country is divided on this (almost in half) with 22 states or so embracing this methodology. We will see how this changes the employment numbers in the coming months.

Please remain safe and healthy, enjoy the weekend and first, make today great.