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“As society becomes more and more complex, cheating will in many ways become progressively easier and easier to do and harder to police or even understand.” – Vitalik Buterin

Equity futures were mixed up until about an hour ago with the DJIA indicated to open higher while the Nasdaq was lower. Shortly before 8 AM Eastern, we saw a leg lower with the Nasdaq leading the way and now down closer to 1%.  Oddly enough, while one might expect the weakness, especially in the Nasdaq, to coincide with a tick higher in rates, yields on the 10-year actually dropped below 1.6% as futures moved lower. In the grand scheme of things, this isn’t a major move, but it does mark a continuation of the trend of weaker breadth we have seen in the Nasdaq lately that we discussed in last week’s Bespoke Report.

Read today’s Morning Lineup for a recap of all the major market news and events including the biggest overnight events, some key earnings reports, economic data from around the world, as well as the latest US and international COVID trends including our vaccination trackers (which continue to show a significant deceleration in vaccine uptake), and much more.


Moving from the equity market world to the crypto world, just when the general public was finally becoming familiar and comfortable with bitcoin, ethereum has taken the spotlight.  While bitcoin has essentially moved sideways over the last 2+ months, the price of ether has practically doubled.  Following the divergent performances, the relative strength of ether versus bitcoin has surged in the last several weeks to the point where ether is actually outperforming bitcoin over the last three years.

Looking at it another way, the ratio of bitcoin to gold has plummetted. Back in September 2019, the ratio of bitcoin to gold peaked out at 61.1.  Then around the March 2020 equity market lows, the ratio had shrunk to just under 50.  Through yesterday, the ratio has now been cut by two-thirds since March 2020 to 17.5 – the lowest level since the summer of 2018.

Compared to gold, ether’s value has surged.  At the start of the year, ether was worth less than a half-ounce of gold.  Yesterday, it was worth nearly two ounces of gold! Talk about a rally.

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