Big Tech Rallies, Bitcoin Nears Record—Is Liquidity The Real Driver?

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

Tech stocks took the lead today, helping the market bounce back after the Dow’s two-day slide.

Nvidia stole the spotlight—not just for its 2% gain, but for becoming the first company ever to hit a $4 trillion market cap. That’s a milestone worth pausing for.

Other big tech names like Meta, Microsoft, and Alphabet joined the rally, riding the renewed wave of excitement around AI. Meanwhile, traders mostly shrugged off the latest tariff chatter.

The Fed minutes were the day’s main event, but they didn’t offer much clarity—just more of the same uncertainty.

Still, the market found its footing after a midday dip sparked by Trump’s new round of tariff letters. Dip buyers jumped in quickly, especially in the Mag7 names, where a short squeeze added some extra fuel.

Elsewhere, the dollar stayed flat while bond yields slipped. Gold clawed its way back above $3,300 after briefly dipping below that level earlier.

Copper had another solid session, up 1.6%, but Bitcoin stole the show—surging toward its all-time high of $112K and closing at its highest level ever at the end of U.S. market hours. (Of course, Bitcoin never really “closes.”)

As I’ve said before, Bitcoin seems to be moving in lockstep with global liquidity trends—and this chart backs that up.

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Copper Pops, Banks Drop: A Mixed Bag For Markets

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

Yesterday’s tariff drama spilled into today’s session, leaving the markets wobbling as they tried to find their footing.

The major indexes mostly drifted sideways, with little conviction either way. President Trump once again pushed back the tariff deadline and hinted at some wiggle room for countries open to negotiating, which added to the uncertainty.

Some traders are starting to think the worst of the tariff battle might be behind us, and that the new measures may not be as harsh as originally feared. Still, doubt continues to hang over the market, keeping things sluggish.

Early gains from heavyweights like Nvidia and Tesla gave some hope, but Tesla later reversed course. Big banks like JPMorgan, Bank of America, and Goldman Sachs also took a hit after a downgrade from HSBC, making them the day’s worst performers.

On the flip side, copper had a standout day. Thanks to Trump’s plan to slap a 50% tariff on copper imports, the metal surged over 10% before pulling back slightly. Our copper ETF still locked in a solid +8.2% gain for the day.

Elsewhere, bond yields kept climbing, gold dipped but found support around $3,300, and the dollar got a boost from those rising yields. Bitcoin bounced around but managed to close in the green.

So, here we are—stuck in a sideways market, even though we’re in what’s usually the strongest part of the year.

Will a softening in trade tensions be enough to spark a rally, or will it take some Fed magic and falling yields to get things moving again?

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Gold Glimmers, Stocks Stumble: Trade Tensions Take Center Stage

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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Markets stumbled out of the gate today, weighed down by the same old story—trade uncertainty.

Despite Treasury Secretary Bessent teasing some upcoming announcements within the next 48 hours, he left out key details like which countries might be involved. That didn’t do much to calm nerves, especially with Trump’s 90-day tariff pause set to expire this week.

Adding fuel to the fire, Trump floated the idea of slapping an extra 10% tariff on countries aligned with BRICS, calling them out for “Anti-American policies.” That didn’t sit well with traders.

By the end of the day, the market stayed underwater. Gold was the lone bright spot, bouncing back midday to finish slightly in the green.

On the equity side, Small Caps took the biggest hit, while the S&P 500 held up a bit better. Mega Caps gave back a good chunk of Thursday’s gains, and Tesla slid after Elon Musk announced plans to launch a new political party.

Bond yields ticked higher, giving the dollar a boost. Gold managed to hold its ground, and Bitcoin followed a similar path—starting strong but fading by the close.

Historically, July has averaged a +1.67% return going all the way back to 1928. So, the big question is: Will history repeat itself this time around?

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Weekly StatSheet For The ETF Tracker Newsletter – Updated Through 07/03/2025

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ETF Data updated through Thursday, July 3, 2025

How to use this StatSheet:

  1. Out of the 1,800+ ETFs out there, I only pick the ones that trade over $5 million per day (HV ETFs), so you don’t get stuck with a lemon that nobody wants to buy or sell.
  1. Trend Tracking Indexes (TTIs)

These are the main indicators that tell you when to buy or sell Domestic and International ETFs (section 1 and 2). They do that by comparing their position to their long-term M/A (Moving Average). If they cross above, and stay there, it’s a green light to buy. If they fall below, and keep going, it’s a red light to sell. And to make sure you don’t lose your shirt if things go south, I also use a 12% trailing stop loss on all positions in these categories.

  1. All other investment areas don’t have a TTI and should be traded based on the position of each ETF relative to its own trend line (%M/A). That’s why I call them “Selective Buy.” In other words, if an ETF goes above its own trend line, you can buy it. But don’t forget to use a trailing sell stop of 12%, or less if you’re feeling nervous.

If some of these words sound like Greek to you, please check out the Glossary of Terms and new subscriber information in section 9.

  1. DOMESTIC EQUITY ETFs: BUY— effective 5/20/2025

Click on chart to enlarge

This is our main compass, the Domestic Trend Tracking Index (TTI-green line in the above chart). It has broken above its long-term trend line (red) by +5.49% and remains in “Buy” mode, with our new holdings being subject to our trailing sell stops.

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Better Jobs Data, No Rate Cuts? Markets Still Cheer

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

The markets kicked off the day with a bang, rallying right out of the gate after this morning’s jobs report came in stronger than expected—quite the turnaround from yesterday’s weak ADP numbers.

Nonfarm payrolls rose by 147,000, beating forecasts of 110,000. On top of that, May’s numbers were revised upward to 144,000. The unemployment rate also dipped to 4.1%, defying expectations of a rise to 4.3%.

That solid labor data sent bond yields jumping and cooled hopes for a rate cut anytime soon. Right now, futures traders are putting the odds at about 93% that the Fed will keep rates steady at their next meeting.

Adding to the mix, the approval of the so-called “Big Beautiful Bill,” along with strong factory orders and upbeat service sector data, is painting a picture of an economy that’s still expanding. Translation? Rate cuts are likely off the table for now.

Still, traders seemed to like what they saw. The major indexes posted strong gains for this holiday-shortened week, with the Nasdaq and S&P 500 both closing at record highs—helped along by a weeklong short squeeze.

Bond yields surged, the dollar slipped a bit, and gold managed to close higher for the week despite a pullback today. Precious metals overall are still riding a wave of bullish sentiment.

Bitcoin made a run at its all-time high but couldn’t quite stick the landing, fading into the close.

So, with seasonals pointing to more upside, the big question is: Will stocks keep climbing as we head deeper into summer?

Happy 4th of July!

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Bitcoin Booms, Metals Surge, And The Dow Just Can’t Keep Up

Ulli Uncategorized Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

The day started off with the Dow dragging its feet while the S&P 500 and Nasdaq made modest gains.

What gave the market a bit of a boost? President Trump announced a finalized trade deal with Vietnam, which helped lift sentiment—at least for a moment.

But then came the ADP private payroll report, and it wasn’t pretty. The private sector lost 33,000 jobs last month—marking the first decline since March 2023. Analysts were expecting a gain of 100,000. Ouch.

Still, in classic Wall Street fashion, bad news turned into good news. With the Macro Data Surprise Index also taking a dive, traders started betting that the Fed might ease up on interest rates. That sparked a short squeeze, and most major indexes (except the Dow) ended the day in the green, with Small Caps leading the charge.

Traders also kept an eye on Trump’s tax-and-spending bill, which squeaked through the Senate and now heads back to the House. Some GOP holdouts are still making noise, so it’s not a done deal yet.

Elsewhere, bond yields dipped early but climbed later in the day. The dollar stayed flat.

Precious metals like gold, silver, platinum, and palladium all rallied, and copper jumped 2.12%. Not to be left out, Bitcoin surged toward its all-time high, fueled by strong ETF inflows and growing bullish sentiment.

And let’s not forget the big picture—global liquidity is still pointing to higher prices ahead.

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