NFL Kickoff Welcomes Online Bets Surge

When the Department of Justice successfully blocked the merger of JetBlue and Spirit Airlines earlier this week, we knew it would be an ongoing story. However, very few people saw it taking the turn it did today, with Dave Portnoy (aka “Davey Day Trader”) emerging from the shadows and rallying fellow retail traders behind the company.

Let’s see what happened. 👀

Signs of froth in the market have been building since November and accelerated up in February, with the major indexes adding to their gains and tech giants becoming giant-er. Timing when the music will stop is a fool’s errand, but when it does end, we all inevitably look back through the lens of hindsight at the “obvious” signs things had gotten a bit crazy. 🤪

Some more of those signs of at least a short-term peak in sentiment appeared today, so let’s check them out. 👀

While everyone is looking at the S&P 500 closing above 5,000 as this week’s stat of the week, MarketWatch is flagging another wild data point. 🚨

As you can see from the headline snippet above, Nvidia is now worth as much as the entire Chinese stock market. While several stocks already have achieved this feat, they’re bigger conglomerates with many businesses under one roof. But Nvidia is a chip designer and manufacturer with a more straightforward business model, making this that much crazier of an occurrence.