Over the past two weeks, we’ve been dragged through the mud, giving back all of our gains and MOAR, off by 5.5% in a fortnight — netting a YTD return of -2.5% for the S&P 500. Setting aside the recent spate of panic, certain sectors have done very well in 2018, particularly software, hospitals, health services and even department stores.
While everyone else is freaking out about bitcoin and chip stocks, DSS, KSS and M have posted great returns. On the downside is oil pipelines, housewares and accessories, and aluminum.
Drilling down to the meat and potatoes of the top, Basic Materials have been dreadful, in spite of oil’s climb upwards — down 7.7% as a group. Consumer Goods didn’t fare any better, off by 7.2%. Financials were down 3%, Healthcare -0.5%, Industrials -6.5%, Services -3.5%, Utilities -4.5%, and Tech -2%.
Even bonds were lower, with TLT posting losses of 4.5%.
The choppiness has been especially foreboding in recent weeks, especially in tech stocks — thanks to the epiphany by absolute retards that the social networks procure and sell our personal data. Duh.
The price of Bitcoin has been halved since the beginning of the year, and a sundry of fraudulent ICOs have gone down all the way — including Bitconnect.
The very best ETN every invented, XIV, went from +500% gains over 5 years to -100% during one afternoon session — catching yours truly with his pants down, absolutely. But it has been fun. I’ve enjoyed the back and forth and I love the banter inside the Pelican Room in Exodus — even though it has been hard.
As for today, markets are looking to rebound. S&P futures are +12, Nasdaq +50. WTI, however, is lower by 0.11%, which will hopefully bode okay for my ERY position. Crypto traders are flummoxed and getting flushed. BTC is -6.5% and Ripple is off by 10%.
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Bitcoin is a scam.
Appears so
…but it’s the cleanest dirty shirt. Needless to say, blockchain is here to stay, it’s a great technology looking to find feasible business model and application. Blockchain based social media is one such implementation,
https://tinyurl.com/ybaxx2fh
Not a scam, just a good idea at its core with several problems in it’s implementation.
Other ICOs are scams, with teir only purpose being to fleece greedy, naive investors.
Correct. However, the claim here is that BTC became a pump-and-dump scam by virtue of several large speculative positions rigging and wagging the entire btc trading space.
That doesn’t make BTC a scam. By that line of (fasle) logic, lots of Big Cap stocks are scam as well.
There is a differnce between a product/idea being a scam, and the salesman a scam artist. Place the blame where it belongs.
I didnt say BTC technology was a scam. But ok. I’ll give it another try. See if you like this better:
Several large speculative positions turned BTC trading into a pump-and-dump scam by rigging and wagging the entire btc marketplace.