Potential For Melt Up

Last night $BTC exploded to the upside, thrusting more than 10% to $34,000+. Some tied it to Chinese flight of capital; I chalk it up to life and risk aversion — a denizen of transport for large sums of money. Whatever the reason, this certainly got the speculative juices flowing again, as we all reminisce over the best days when the Metaverse was popping off and $BTC was heading, inexorably, to $1 million per coin.

At any rate, markets have followed up in kind this morning, with the NASDAQ +100. There is some temperance to this move, as the ribald nature of it seems to be measured and half-hearted, almost as if traders are waiting for a shoe to drop and the rally to be spoiled.

Speaking from the perspective of a PERMANENT BEAR, I must alert fellow bears to the distinct possibility we could have a retardo upside move soon. We are very oversold according to Stocklabs and the % of large cap bullish (LCRB) is less than 10%. At the close of trade yesterday we were at an appalling 4.8%, which basically means the technical score of all stocks with market caps $5b+ were under 3, on a 1-5 scale. In the past, when the technical reading was this low markets mean reversed the fuck higher in a eye bleeding rally.

Be prepared for all eventualities. I closed out my shorts this morning and switched over to the bull side, as I have been known to do on occasion.