Postcards: One Must-See Chart Tells All

Plus, we broke down mis-priced assets in March. Not stocks... but the things that really matter over the next three weeks.

Market Update: Bitcoin and Ethereum are experiencing selloffs, which isn’t surprising ahead of tomorrow's Fed Open Market Committee meeting. But the NASDAQ-100 is holding above its 20-day moving average thanks to… “ARTIFICIAL INTELLIGENCE!” 

NVIDIA hosts a conference today, and Apple and Alphabet are rallying because of a friendly agreement to use Gemini in new iPhones. Who’d have thought that AI could make markets go up… again? 

Standby—the Fed isn’t likely to raise interest rates this month… or in May… or in June, for that matter. The question is whether we’ll get a serious drop under that key 20-day momentum line. I’m still very cautious in this Fed-driven environment… and I feel this way for the first time since last August.