💸 This New Asset Class Just Hit $700 Billion

Good morning. One of the most popular sectors of the markets lately has been SPACs. That’s short.. It’s the monthly jobs numbers today and they’re not going to be pretty and will be possibly the tip of the iceberg as we head into May. [Trading Tips] Good morning. One of the most popular sectors of the markets lately has been SPACs. That’s short for special purpose acquisition companies. That’s a fancy, Wall Street way of describing what has also been known as a “blank check” company. It works like this: The SPAC goes public, then uses the cash from the proceeds to buy a private business. That merger creates a new company. If it sounds a bit like a convoluted IPO-type process, you’re not far off the mark. But thanks to a robust number of private companies looking for cash, it’s quickly exploded into a $700 billion market. Time will tell if the SPAC boom has the same dangers of the IPO boom of the late 1990s. Are you betting big on any SPACs? Hit reply and let us know how your thoughts on the space. Now here's the rest of the news: Sponsored Content [The 32-Second Options Trading "Training Video" Retirees Can't Get Enough Of]( Options expert Jeff Clark is on a mission to show every American at or near retirement how easy it is to trade options. [Watch his 32-second options trading "training video" HERE.]( MARKETS DOW 31,272.44 -0.38% S&P 3,819.83 -1.30% NASDAQ 12,997.75 -2.70% *As of market close • Stocks sank on Wednesday, with the S&P 500 testing its 50-day moving average once again. • Oil prices rose 2.4 percent, closing the day at $61.20. • Gold declined 1.1 percent with the metal trading at $1,713 per ounce. • Cryptocurrencies rose, with Bitcoin last at $50,575. Today’s TOP TIPS [This Range-Bound Reopening Play Looks Set to Move Higher]( Shares of rideshare firm Lyft (LYFT) are set to move higher yet again. That’s thanks to the company’s latest ride numbers, which are now on par with March 2020. Average daily rides are up 4 percent, and volumes are up 5.4 percent from the previous month. That’s a great trend, and one likely to continue to rise over time, as economies look to end restrictions and reopen. And with shares already near all-time highs, there’s room for a surge higher. » [FULL STORY]( [Insider Trading Report: ExxonMobil (XOM)]( Michael Angelakis, a director at ExxonMobil (XOM), recently picked up 25,000 shares. The buy increased his stake by 312 percent, and came to a total purchase price of just over $1.4 million. This marks the first insider buys since March of last year, when shares traded at nearly half the price of today. Insiders have also been sellers at times over the past few years, including some sales in late 2020. » [FULL STORY]( [Unusual Options Activity: Hilton Worldwide Holdings (HLT)]( At least one trader is leaning hard into the “reopening” theme for the economy with a large bet on Hilton Worldwide Holdings (HLT). That’s based on the January 2022 $140 calls. With shares at $124, shares would need to rally about 13 percent for the option to move in-the-money. Over 3,000 of the contracts traded compared to an open interest of 127, for a 24-fold rise in volume. The trader paid about $11.20 for the options on average. » [FULL STORY]( IN OTHER NEWS • [Mortgage Forbearance Extension Likely to Stave Off Foreclosures]( Housing has been a strong asset class in the past year, but some economists have been troubled by potential rises in foreclosures. Over 2.1 million Americans are behind on their mortgage payments, and could potentially lose their homes. However, extended protections are likely to delay that process, hopefully to the point where homeowners can start making payments again. • [Private Payrolls Miss Expectations]( Private payrolls increased by 117,000 in February, well below estimates of 225,000. The gains came entirely from services, with slight declines in manufacturing and construction, likely impacted by winter weather. The numbers are disappointing, as many had expected the labor market to recover quickly thanks to dropping Covid cases and more easing of restrictions. • [Uber Spins Off Delivery Startup Serve Robotics]( Last year, Uber (UBER) acquired Postmates X, a robotics delivery company. Now, Uber is spinning of f the firm as an independent entity, Serve Robotics. The mobility robots are designed to deliver goods and services (starting with food) to their final destination, going places even self-driving cars might not be able to reach with sidewalk delivery. • [Gold Touted as Bitcoin Surges Again]( Bitcoin prices moved back over $50,000 yesterday. With the cryptocurrency up 50 percent year to date, some are looking to gold, down 9 percent since the start of the year. Given that both assets can be seen as stores of value and hedges against fiat currency, still being created hand over fist in today’s monetary environment, this disparity may yet narrow. • [Volocopter Raises $241 Million]( German startup Volocopter has raised another $241 in Series D funding. The company is looking to pioneer economic flying taxies to move passengers, and now estimates that its first product, the VoloCity, is about two years out, and commercial operations could start soon after that. That’s on track with what the company has been tracking since launching in 2019. S&P 500 MOVERS TOP LUMN 7.135% NCLH 6.254% HFC 5.544% FANG 5.424% UNM 4.911% BOTTOM ETSY 12.507% MKTX 12.507% ZM 8.375% BIDU 7.992% MELI 6.966% Quote of the Day It’s all about optimism, people. Investors are voting with their feet. They’re leaving these secular growth stories, the stocks of companies that do well regardless of whether the economy is running hot or cold. Instead, they’re finding their way to stocks of companies that only make big money when business is boomin. - Jim Cramer, CNBC analyst on the sector rotation under way in the market right now favoring companies that will most benefit from an end to pandemic restrictions. Sponsored Content [Man Gets Into a Tesla… What Happens Next Will Shock Everyone (Video)]( "Hi, I'm Jeff Brown… I'm about to get in this Tesla and drive up to a location just a few miles from here to show you Elon Musk's next big project… What happens next will shock you…" [Click HERE to see what happened.]( Not sure the best way to get started? 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