Tesla Still Holding Bitcoin, Starbucks Lifts Mask Mandate, United Adds 400 Daily Flights

May 17, 2021

The Morning Jog Series – May 17th, 2021


Alex Klingelhoeffer (00:00):

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Alex Klingelhoeffer (00:25):

Hi Folks. Alex Klingelhoeffer here with Exencial Wealth Advisors. It is 7:18am here in the middle part of the country. On Monday, its May 17th, 2021. Here’s your morning jog around the economic headlines of the world. First off Elon Musk came out with a tweet here this morning. Clarifying Tesla has not sold any Bitcoin. Now you might ask why is that significant? Here is some price action over the weekend Musk made some comments about doge coin being superior to Bitcoin in terms of scaling the crypto currency. Bitcoin reacted very unfavorably just to his comment right here, and that was on 16th. And it really bounced here earlier on in the trading got as low as $42,000 coming back up to a current price of around $45,000 per bitcoin. Now, why is this significant? Of course Bitcoin’s down about 20% in a week. If you are looking for a stable currency, long-term perhaps Bitcoin’s your option. Certainly, short term, it continues to be extremely volatile.




Alex Klingelhoeffer (01:45):

Starbucks will now follow local rules when it comes to masking, of course, Starbucks sort of an icon of the Pacific Northwest you would figure. Hey, they’re going to have masks on for employees long after local regulators require it. Well, guess what? They pull a fast one here. If you don’t have to wear a mask globally, Starbucks, isn’t going to make you. It’s great policy, folks are mainly fully vaccinated. Let you get your coffee. Talk to your barista. Have a good conversation. Life returning to normal is a great thing. Good on Starbucks, love their coffee.



Alex Klingelhoeffer (02:28):

The UK is easing some of their COVID lockdown restrictions, even though their Indian variant, maybe coming there soon. Of course, India has long ties to the UK. Historically. Pubs can open have folks inside, additional folks can gather outside in the UK. Different countries have different rules there, but we are seeing more and more reopening as we get further on in the summer. As we said about four to six weeks ago, we’re just going to see more positive news. I will end on another positive stroke.



Alex Klingelhoeffer (03:08):

United airlines, going to add more than 400 daily flights in July to help meet summer travel demand. Now here’s the comparison. 214% for 2020 levels. It’s still only about 80% of its July 19 level. So we still have a way to go. Maybe we’ll get up towards 90% in August as more folks come back from perhaps Europe, perhaps some more domestic locations tell their friends and everyone decides to book. August is really going to be the bellwether month. That’s the month where you’re really goes on vacation for the entire month. That’s the month where folks are getting all of their summer travel done that they haven’t done before kids go back in school. We have got, you know, month, month, and a half of really good driving data, but August is going to be the bellwether for how the flying economy is coming back to life.



Alex Klingelhoeffer (04:10):

If you want additional news throughout the day. Feel free to follow me on Twitter. It’s easy to remember @OKCCFACFP until then. Hope you have a good Monday. I’m out.

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