From the Desk of Steve Strazza and Alfonso Depablos

The largest insider buy on today’s list comes via a handful of filings by the CEO and chairman of OPKO Health $OPK, Phillip Frost.

Frost reported a total purchase of 1,000,000 OPK shares, equivalent to $991,700.

The volatility in stocks continues as 2024 progresses.

Have you noticed how different this market is vs the one we were in throughout November and December?

The swings are getting wider, and they're coming in both directions.

Just yesterday, the Nasdaq hit new lows not seen since January.

Meanwhile, there isn't a single small-cap sector that is above its December highs.

There's still a lot of work that stocks need to do to dig them out of this hole.

Good morning,

Welcome to your daily crypto clarity

WHAT’S HAPPENING

The market closely monitored Nvidia's earnings as a crucial barometer for the growth factor that has propelled equity markets higher in recent months. While many mega-cap technology stocks, which Bitcoin is highly correlated with, have declined in recent weeks, Nvidia surged to new all-time highs in post-market trading.

KEY STORIES

NVIDIA Earnings Blow Past Estimates, Mark ‘Tipping Point’ for AI - Decrypt

Coinbase urges SEC to approve listing of Grayscale's proposed spot ether ETF...

From the Desk of Ian Culley @IanCulley

Commodity currencies are edging higher.

But given the preceding dollar rally, significant breakout levels lie well out of reach.

In the meantime, we can turn to the yen for actionable ideas.

One yen cross is already breaking out!

Check out the aussie-yen cross challenging multi-year resistance at approximately 98.50:

That’s a tradeable level marked by the 2022 high and the June and September peaks from last year.

Buyers are on the verge of cracking this key level as I write. If and when they do, I like it long with a target of 111.15 over longer time frames.

Long AUD/JPY comes with a positive carry. So I’m happy to give this position adequate time to reach our upside objective as long as price holds above our risk level.

The same applies to two additional trade setups…...

Today's trade is in a steel sector name that recently poked its head above a resistance level that had been capping the upside for over two years now.

As the stock consolidates its recent breakout, options premiums are quite low, offering us the opportunity to position in some longer-dated calls for a simple bet on higher prices.

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In today's Daily Digest, we'll review:

1. New position in XLP.
2. No adjustments are needed today.
3. No exits since the last report.
4. Current status of open campaigns.

Let's dig in!

From the Desk of Steve Strazza and Alfonso Depablos

The largest insider buy on today’s list comes in a Form 4 filing by Keith Crandell, the  co-founder and a managing director of ARCH Venture Partners.

ARCH Venture Partners just bought 3,200,000 shares of Prime Medicine Inc $PRME, equivalent to $20 million.

Back in the late 1800s, Charlie Dow was a journalist in Springfield Massachusetts.

His job was to write about the stock market. But when he would go knocking on doors asking companies questions, they would tell him, "Our business is none of your business".

So how could poor Charlie do his job then?

Well, he concluded that there was a better way to do this.

He recognized that there were a select group of stocks that, "Made the goods", and he called those the Industrials.

And then there was the group of companies that, "Delivered those goods". At the time, they were the Railroads.

If one of these groups of stocks were going up in price, and so was the other group, then things are moving in a positive direction together. Those were good signs for the market.

It was specifically when one of those groups were...

Good morning,

Welcome to your daily crypto clarity

WHAT YOU NEED TO KNOW

Ethereum eclipses 3,000 for the first time since April 2022.

Bitcoin order books are the most liquid since October, according to data from Kaiko.

Altcoin momentum is still not in frothy condition, with a mere 20% of our cryptocurrency universe registering overbought conditions.

FEATURED CHART

The dollar is still a significant theme to monitor in this tape; the correlations that exist between crypto markets and equities are still present. Risk markets have largely ignored this recent strength out of the greenback, but should the dollar continue creeping higher, it would place additional pressures on Bitcoin and crypto assets.

WHAT TO LOOK OUT FOR

We’re monitoring whether this recent momentum in ETHBTC can continue, which would be a sign that the Bitcoin leadership is coming to an end,

Equity markets...

Both Bitcoin and Ethereum have surpassed psychological levels of $50,000 and $3,000, respectively, following impressive rallies. Now, the risk versus reward scenario tilts towards the speculative end, as indicated by our breadth metrics, which highlight increasing activity within the altcoin space. Simultaneously, equity markets confront a challenging seasonal period amidst a backdrop of a strong dollar.

From the Desk of Steve Strazza @Sstrazza.

Welcome back to Under the Hood, where we'll cover all the action for the week ended February 16, 2024. This report is published bi-weekly, in rotation with The Minor Leaguers.

What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.

We use a variety of sources to generate the list of most popular names.

There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.

Click here for a behind-the-scenes look at our process.

Whether we’re measuring increasing interest based on large institutional purchases, unusual...