Invictus Capital: Weekly Wrap 19.02

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Market News

The long march upwards for global equities continued this week as COVID numbers continue to improve around the world. However, the rally seems to be slowing down, with concern surrounding mutated strains, damage wrought by a historic cold snap in Texas (that helped oil prices), and signs that the $1.9 trillion US stimulus deal is unlikely to pass in its current form all weighing on markets.

However, markets still expect a large stimulus deal to pass relatively soon, with Treasury chief Janet Yellen saying it would be a mistake to withdraw fiscal support too soon; this has seen long-dated bond yields continue to climb rapidly, with a slight strengthening of the dollar seen this week as higher yields attract capital to the US. Gold, however, was not spared the effects of rising real yields (inflation expectations also fell), with the yellow metal dipping below $1800/toz once again.

Bitcoin broke through $50k while MicroStrategy cemented their offering of convertible notes, upping the ante from $600 million to $1.05 billion — from which the proceeds will be used to buy even more BTC. Blackrock, the world’s largest asset manager, is “dabbling” in Bitcoin and Deutsche Bank plans to offer crypto custody. Binance’s BNB saw parabolic growth landing it in 3rd place in terms of market cap.

Indicators (12 February — 19 February)

Other News & Links

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Dean Adair

Dean Adair

www.invictuscapital.com

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