View from 5th Avenue

The View at Two – 14th April, 2021

Give me some base - After a week where the old FANG gang pushed indexes to new highs, the reflation themed gang is taking over.  Banks (+1.1%) are benefitting from the start of its earnings season (see below), and Oil (Crude +5.1%) saw declines in both the API and EIA data, and also had the IEA raise their 2021 demand forecast.  Since value and growth both outperform at the same time, Tech is in the losers column weighed down by the FANG (-1.22%). The big name of the day however belongs to Coinbase.  The company did a direct listing on Nasdaq, opened at $381, and is currently trading at $378, putting the market cap at $75bn

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