I’ve been wrong about cryptocurrencies since the day I found out about them. As long as they survive , I will continue to be wrong about them. I don’t get it and will never invest in them. Having said that, a totally normal bounce of +26% has occurred in Ethereum today — the world’s second largest cryptocurrency. Look at all these totally normal moves.
Markets are set to rebound today, getting back some of yesterday’s lost sauce. Since we lost 100 NASDAQS yesterday, I think it’s fair to say it’d take one heck of a rally today to get it all back. As a matter of fact, if we rallied 100 NASDAQS today, I’d face plant myself into a vat of ketchup — just for the hell of it.
Goldman upgraded their forecast for the SPY this year to 2,400 from 2,300.
Interesting side note, the President is shitposting about AMZN this morning — thanks to Jeff Bezos’ relationship (owner) with the fake newspaper, Washington Post.
In the world of politics, this is all you need to know for this morning.
Following yesterday’s drubbing, you’d like to see the market lift by 30-40 NASDAQS. Worst case scenario, NASDAQ lifts by 15, fades away and then turns red. That would lead to a rout of monumental proportions. Remember, because the market has been so easy to buy and hold, there are a lot of rank amateurs embedded at these levels. Those people would take flight at the first sign of weakness. They are the proverbial ‘weak hands.’ They exacerbate sell offs — because they’re indecorous, disgusting, vile creature — and lack gumption.
I’d be encouraged if tech led the way today and Macy’s face planted into a vat of ketchup.