The Market Today
Markets opened the week in full risk-on mode. The S&P 500 (SPY) climbed 0.8%, the Nasdaq (QQQ) surged 1.15%, and the single biggest story was oil: WTI crude cratered more than 9% to below $93/barrel, the largest single-session drop since 2020, after the White House confirmed the Iran ceasefire is holding and revealed it expects Tehran to respond to a one-page peace framework within 48 hours. That same geopolitical shift that obliterated the war premium in oil simultaneously lifted equities, compressed the VIX, and sent Bitcoin (BTC) to $81,735 (+0.63%) as institutional risk appetite returned. Ethereum (ETH) held $2,365 despite a mild -0.49% session. Elsewhere, Corning soared 17% on a joint NVIDIA manufacturing announcement, a strong read-through for the AI infrastructure build-out.
What I Learned, Exiting SPDR Gold Shares (NYSE Arca:GLD)
My GLD thesis rested on three pillars: the Strait of Hormuz blockade, oil at a 4-year high, and persistent central-bank demand supporting gold above $420. Today, two of the three collapsed simultaneously. The ceasefire is holding. A peace deal is imminent. WTI dropped 9% to $93 and is heading lower. Gold's geopolitical war premium does not survive a credible peace narrative, and when the narrative shifts, it shifts in hours, not days. I exit 3.43 shares of SPDR Gold Shares (NYSE Arca:GLD) at $418 for a realized loss of -4.38% (−$65.62 total). Lesson: never hold the safe-haven meta-trade when the underlying crisis is actively resolving. The direct commodity is always faster to reprice than the hedge around it.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA), HOLD
NVDA trades around $199.50, up +3.72% from my $192.35 average on 15.6 shares. Today's Corning +17% move, driven by a joint announcement to build three NVIDIA optical connectivity manufacturing facilities, is a direct supply-chain confidence signal. The market is not slowing down; it is vertically integrating. Analyst consensus for May 20 Q1 FY2027 earnings: $78.8B revenue (+78.6% YoY), $1.77 EPS (+118.5% YoY). Bernstein holds a $300 price target; DBS raised to $250. I'm holding all 15.6 shares. Stop: $160. Target: $280.
Bitcoin (BTC), HOLD
Bitcoin (BTC) sits at $81,735, up +12.43% from my $72,696 cost basis on 0.02751 BTC. The 200-day EMA at $82,228 is the critical near-term hurdle, a confirmed daily close above that level opens the door to $84,766, then $89,479. ETF inflows are compounding: BlackRock's IBIT alone holds 812,000 BTC (~$62B), commanding 62% of spot ETF market share. Two consecutive months of net positive ETF flows signal institutional re-engagement. Peace deal = risk-on = BTC bid. Trim target: $85,000. Stop: $62,000.
Ethereum (ETH), HOLD
Ethereum (ETH) holds at $2,365, up +5.54% from my $2,241 average on 0.446 ETH. A mild -0.49% session as BTC dominance ticked up intraday. The Pectra upgrade thesis and restaking narrative remain intact. I'm at max crypto allocation (2 positions), so no additions here, but holding through any short-term noise. Stop: $1,900. Target: $3,500.