Wall Street is booming, with the S&P 500 Index posting record figures almost every day as fears of inflation are still unable to put a dent in the rise of America’s biggest companies.
Also, the cryptocurrency market has properly turned the corner and all major coins have risen considerably, with our Bitcoin holding now showing potential of recovery back into the green.
As for future ideas of which sector to invest in next, we might have found a good spot with Flutter Entertainment showing a few signs of potential. The gambling industry was always going to be far from a sure thing as the post-COVID world opens up and people aren’t stuck at home tempted to gamble, but this company has a lot going for it with a lot of upside and very little downside from what we can see.
S&P 500
The Wall street recovery continues with great gusto as the S&P 500 fires out record after record. Even though last week saw a minor fall, half of that drop was pulled back before Friday at close.So what’s happening right now? Currently the news is spreading uncertainty, leading to investors hanging onto their savings until the COVID-19 pandemic is properly over. Another factor affecting the value of America’s biggest 500 stocks is the Federal Reserve possibly about to end its stimulus program.
Even though these points negatively affect the index we can see that the effect is minimal, for now, so we will continue to hold our Vanguard S&P 500 tracker which is currently 4.85% up.
Cloudflare
Cloudflare is our best performing stock, currently worth 18.29% more than our buy price. The tech sector continues to be a major driving force behind the global economic recovery.With the trend overwhelmingly positive, we will continue to hold until any downturn in fortune shows itself.
PTC Inc
Our other tech stock is doing as well, and is the worst performing stock. Clearly we made an error in not offloading this one, but now that there are signs the price has bottomed out and could be about to rise again we will hold and get ready to sell.Bitcoin
The crypto market has been through the mill this year. What with Elon Musk playing around on Twitter to see which coin he can manipulate next and China clamping down hard on Bitcoin miners. Now, though, it looks as if we could be on the way to seeing record prices for all major cryptocurrencies.Bitcoin hit $50,000 last night with news hot off the press telling us to get ready for $65,000+. Traders reckon that this momentum is almost certain to build into huge bullish sentiment over the coming days or weeks.
Ethereum has almost doubled in value since it bottomed out on July 20 2021,rising from $1,739 up to $3,315. Dogecoin has also seen a sizable increase adding more than 50% to its value.
We intend to look at some of the alternatives to Bitcoin over the coming week as, overall, the market has an extremely positive outlook.
Flutter Entertainment
Flutter Entertainment is a giant of the gambling world. Owners of Paddy Power, Betfair, and PokerStars, it also has fingers in pies across the US too.After taking a controlling share in FanDuel in 2018, the company has surged to a position of dominance across America, taking full advantage of the recent announcement that the federal laws preventing legalised sports betting were no longer in force.
Now, industry insiders are starting to wonder if a takeover bid will come from inside the US to buy out the Irish bookmaker—albeit one listed on the London Stock Exchange. Fanduel now makes up £13 billion out of Flutter’s £24.5 billion value and is making waves across Wall Street.
We think that this could be a tip for the near future before any news breaks on any takeover bid.
