Summing Up The Week

The seemingly never-ending negotiations with Iran haven't stifled the bulls' optimism of a potential peace deal as the indexes made new all-time highs throughout the week. Even inflation at its highest level in years didn't sour the animal spirits as investors piled into everything AI - even left-for-dead software stocks like Snowflake (SNOW) which rallied nearly +40% on its better-than expected earnings.

Let's take a deeper dive into the news that moved markets this week...

Market News

Oil prices drop 6% after Trump claims Iran talks proceeding well

Never let a long-weekend lull an investor into a sense of security that nothing's going to happen. On Sunday, President Donald Trump claimed talks with Iran were "proceeding in an orderly and constructive manner" despite Iran posting on X that "American officials have acknowledged... that Trump's posts are primarily for promotional purposes ... and they have recommended that no attention be paid to these statements," reported CNBC and The Koebeissi Letter. The cost of West Texas Intermediate crude oil futures fell nearly -6% on the news, dropping to $91.48 a barrel.

On TruthSocial, Trump claimed the peace talks with Iran were making progress and that he wouldn't rush them, "The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side."

Inflation hit 3.3% annual rate in April, as expected

On Thursday, the Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred gauge of inflation, showed core inflation rose 3.3% on an annual basis in April, as expected by Dow Jones economists, reported CNBC.

The personal consumption expenditures price index increased a seasonally adjusted 0.4% for the month, putting the 12-month inflation rate at 3.8%, the Commerce Department reported. Economists surveyed by Dow Jones had been looking for respective readings of 0.5% and 3.8%.

Despite inflation not increasing faster than expected, it's still increasing faster than the Federal Reserve would prefer. As a result, the market's expectation for an interest rate cut has been pushed back from anytime in 2026 to September 2027.

Next Week's Gameplan

Next week, we have quite a series of datapoints leading up to the big one - May's payroll report on Friday. The week kicks off with ISM Manufacturing and Construction Spending on Monday which may provide some insight into how companies are feeling about the economy right now. Then, Wednesday brings private payroll processor ADP's employment for May followed by the Bureau of Labor Statistics' (BLS) jobs report on Friday along with Consumer Credit numbers.

Believe it or not, we're still not done with earnings season. Next week, I'll be listening to the calls of the following cybersecurity positions:

Tuesday: Palo Alto Networks (PANW) reports After Market Close (AMC).
Wednesday: CrowdStrike (CRWD) reports AMC.

Join me back here next week so we can take a look at what the first week of June portends for the summer, friends!

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Crytpo Corner

Bitcoin Price Action

Bitcoin definitely didn’t have a Bullish week no matter how you slice it with the world’s biggest crypto finding resistance at prior highs and decimating prior lows.

After failing to break through the weekly-high at $78,123.68 finding resistance slightly lower at $78,015.46 on Tuesday. Then, Bitcoin broke down completely and fell through last week’s low at $75,992.00 along with a number of other key supports, not finding support until $72,445.11 on Thursday.

Bitcoin breaking down after failing to turn the 200-Day Simple Moving Average (SMA) from resistance into support doesn’t bode well for the short-to-moderate timeframe prospects of the world’s biggest crypto, either, particularly with stock markets making new all-time highs as the rally toward a potential Iran peace deal continues.

Bitcoin seems to remain uncorrelated to any other asset which isn’t a remotely good thing; it’s only correlated on the downside with just the briefest of relief rallies before breaking down to lower lows.

The Bullish Case

Bulls continue to argue that the price consolidation is healthy and offers a good buying opportunity for investors to add to their stacks. Notable Bulls still believe the Crypto Winter is over and that Bitcoin will begin to rally once we make it into June and see the summer months bring positive price action.

The Bearish Case

Bears don’t need to say much because the price action simply says it all; Bitcoin remains in a Bearish downtrend with no signs of reversing the momentum on virtually any timeframe.

Bitcoin Trade Update

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Not Your Keys, Not Your Crypto...

In light of brokerage failures in 2022, I no longer keep any of my crypto on an exchange and I only keep enough USD on the exchanges I use to execute my next few buys. I use multiple cold wallets from the brands Ledger and Trezor to hold my crypto (click the links to access the direct sites, and I receive no affiliate benefits from these links).

Additionally, I have now divided my allocated USD between two different exchanges - Gemini and Coinbase - in case one (or both) becomes insolvent. Disclaimer: We both receive a bonus if you use my Gemini referral link to open an account.

I do not trust anyone in the space, even with Coinbase (COIN) being publicly traded (and one of my own Investments in Play positions).

No price target is unrealistic in the cryptocurrency space – Bullish or Bearish.

While traditional stock market investors and traders may think the price targets in the cryptocurrency space are outlandish due to the incredible spread (possible moves include drops of -90% or more and gains of +1000% or more), Bitcoin has demonstrated that, more than any speculative asset, its price is capable of doing anything.

Here are some of Bitcoin's price movements over the past couple of years:

• In 2017, Bitcoin rose +2,707% from its January low of $734.64 to make an all-time high of $19,891.99 in December.
• Then, Bitcoin crashed nearly -85% from its high to a December 2018 low of $3128.89.
• In the first half of 2019, Bitcoin rallied +343% to $13,868.44.
• In December, Bitcoin crashed -54% to a low of $6430.00 in December 2019.
• In February 2020, Bitcoin rallied +64% to $10,522.51.
• In March , Bitcoin crashed nearly -63% to a low of $3858.00, mostly in 24 hours.
• Then, Bitcoin rallied +988% to a new all-time high of $41,986.37 in January 2021.
• Later in January 2021, Bitcoin dropped -32% to a low of $28,732.00.
• In February, Bitcoin rallied +103% to a new all-time high of $58,367.00.
• Later in February, Bitcoin dropped -26% to a low of $43,016.00.
• In April , Bitcoin rallied +51% to a new all-time high of $64,896.75.
• In June , Bitcoin crashed -56% to a low of $28,800.00.
• In November, Bitcoin rallied +140% to a new all-time high of $69,000.00.
• In November 2022, Bitcoin crashed -78% to a low of $15,460.00.
• In April 2023, Bitcoin rallied +101% to a high of $31,050.00.
• In June, Bitcoin dropped -20% to a low of $24,750.00
• In July, Bitcoin rallied +29% to a high of $31,862.21.
• In September, Bitcoin dropped -22% to a low of $24,900.00.
• In January 2024, Bitcoin rallied +97% to a high of $49,102.29.
• Later in January, Bitcoin dropped -22% to a low of $38,501.00.
• In March, Bitcoin rallied +92% to a new all-time high of $73,835.57.
• In August, Bitcoin dropped -33% to a low of $49,050.01.
• In January 2025, Bitcoin rallied +150% to a new all-time high of $109,358.01.
• In April, Bitcoin dropped -32% to a low of $74,420.69.
• In May, Bitcoin rallied +51% to a new all-time high of $112,000.00.
• In June, Bitcoin dropped -12% to a low of $98,247.01.
• In July, Bitcoin rallied +25% to a new all-time high of $123,231.07.
• In September, Bitcoin dropped -14% to a low of $107,250.00.
• In October, Bitcoin rallied +18% to a new all-time high of $126,296.00.
• In February 2026, Bitcoin dropped -53% to a low of $60,001.00.

Where will Bitcoin go from here? Truly, anything is possible…

What if Bitcoin’s headed to zero?

The only reason I speculate in the cryptocurrency space is I truly believe Bitcoin isn’t headed to zero.

I am prepared for that possibility, however, by knowing I could potentially lose all of the capital I’ve allocated to this speculative investment. Professional advisers recommend speculating with no more than 5% of an investor’s overall assets. Personally, I’ve allocated less than that to speculating in crypto.

I feel that anyone who doesn’t fully believe in the long-term viability of cryptocurrency would be better served not speculating in the space.

On a good day, this asset class isn’t suitable for those with weak stomachs. On volatile days, the sector can induce nausea in the most iron-willed speculator. If a speculator isn’t confident in the space, the moves will cause mistakes to be made.

DISCLAIMER: Anyone considering speculating in the crypto sector should only do so with funds they are prepared to lose completely. All interested individuals should consult a professional financial adviser to see if speculation is right for them. No Get Irked contributor is a financial professional of any kind.

Suicide Hotline - You Are Not Alone

Studies show that economic recessions cause an increase in suicide, especially when combined with thoughts of loneliness and anxiety.

If you or someone you know are having thoughts of suicide or self-harm, please contact the National Suicide Prevention Lifeline by visiting www.suicidepreventionlifeline.org or calling 1-800-273-TALK.

The hotline is open 24 hours a day, 7 days a week.