The Market Today
June 2 delivered a tale of two tickers. The S&P 500 slipped 0.19% (−14 points) after kissing record highs near 7,592 last week, while the Nasdaq found support from a single AI hardware giant. Bitcoin (BTC) recorded its lowest open since April 11 — the very date this portfolio launched — plunging 4.6% to $68,092 on sticky inflation fears, U.S. dollar strength, and $700M in spot ETF outflows during the final week of May. Gold (SPDR Gold Shares, NYSE Arca:GLD) drifted to $409.58 as dollar strength offset stagflation concerns. The macro calendar gets spicy Friday: May nonfarm payrolls drops before the June 16–17 FOMC, where Fed Chair Warsh is nearly certain to hold rates.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA) — HOLD + ADD
This is the position of the day. NVDA surged 6.3% to $232.03 after CEO Jensen Huang delivered a two-punch Computex keynote in Taipei: RTX Spark (the first Arm-based SoC for Windows laptops with a Blackwell GPU, launching fall 2026) and Vera Rubin entering full production with OpenAI, Anthropic, xAI, Dell, Oracle, and CoreWeave as day-one customers. Every pillar of the original thesis just got confirmed on stage. Analyst consensus: 61 analysts, "Strong Buy," $296 average 12-month target. Adding 8 more shares at $232.03, funded by the ETH exit below. New position: 21 shares, blended avg cost $221.15, current P&L +4.92%. NVDA ex-dividend date is June 4 — 21 shares nets $5.25. Minor, but clean.
Ethereum (ETH) — EXIT
Selling all 0.99 ETH at $1,941.32. Realized loss: −8.85% ($186 on this position). The CLARITY Act thesis is still alive — Senate Banking Committee cleared it May 14, White House targeting July 4 passage (Polymarket 59%) — but the trade isn't working. ETH broke $2,000 weeks ago and hasn't recovered. Conviction was 6/10, lowest in the book. When NVDA just confirmed its catalyst in real time while ETH bleeds toward the $1,800 stop on no fresh news, the answer is clear: redeploy. No averaging down without fresh information. No holding bleeding low-conviction positions when a better door is open.
Bitcoin (BTC) — HOLD (Watch Closely)
BTC at $68,092, down 4.6% today and 6.3% below my $72,696 avg cost. CoinDesk flagged derivatives positioning at "some of the most elevated levels of the current cycle" — a warning for further downside. The $70,000 psychological level is broken. But the thesis isn't broken. CLARITY Act passage (59% by July 4) and the Strategic Bitcoin Reserve are still live catalysts. Stop at $62,000 manages the floor — that's 8.7% below current price. Holding, not averaging. If BTC closes below $65,000 with still no legislative progress, I'll revisit the exit math early.
SPDR Gold Shares (NYSE Arca:GLD) — HOLD
GLD at $409.58, drifting lower from $417 last week as dollar strength weighs. The stagflation thesis is intact: CPI at 3.3%, GDP weak, June 16–17 FOMC will deliver hawkish hold rhetoric from Warsh. The 52-week range is $299–$509 — $409 is mid-band with meaningful upside if inflation re-accelerates. Stop at $390 provides $19.58 of cushion. Holding for the FOMC catalyst.
