Category Archives: Follow-Up

Bitcoin Bull Bonanza

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One of the most ironic posts on Slope must be the one I did just back in January called Bitcoin’s Massive Bullish Base, which featured this chart:

The entirety of the post’s text was as follows: “I’m not even going to try to understand the logic, but well-encrypted 1s and 0s of imaginary currency have formed an astonishingly-clean basing pattern, suggesting much higher prices ahead.

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TBT Advance Gains Momentum

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As we noted in our article last week, we have had strong reasons technically as well as from a macro perspective to be bullish on the ProShares UltraShort 20+ Year Treasury (TBT) since its low just under 33 on September 7.

And the TBT has continued to rise since then.  It gapped up Wednesday to $35.50 from Tuesday evening’s close at $34.46.

The upward thrust occurred just in advance of the unveiling of the President’s Tax Reform Plan (Wednesday at 3 PM ET), so we have to couch its bullish action under that umbrella.  But with lower taxes for most individuals and businesses and a one-time business foreign repatriation tax-break being reasons to anticipate an increase in spending, infrastructure, and investment, higher interest rates likely will be a bi-product of such a policy mix — if tax reform becomes law. (more…)