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Those key levels were $7075 and $505, the May 28 lows.
And, while it did bring bitcoin down hard, we’ve seen very little decline in ethereum. I had suggested in previous writings and on my Korelin Report discussions that we’ve seen some fledgling signs of decoupling in some alt coins from bitcoin movements since April. This is further evidence.
Not only did bitcoin break $7075 but plummeted a further 18% to $5770, while ethereum dropped only 14%. While this may seem like splitting hairs, this with the relative outperformance in ethereum since April is significant in my world. Ethereum is a higher beta asset than bitcoin. This means it normally moves farther in both directions. But not this time.
Also, when measured by Fibonacci extensions, it can still be said that ethereum may be holding on to a bullish, albeit tested setup. No chance in bitcoin. It is has already broken April and February lows. (more…)
The market has been getting batted back and forth like a cat’s toy, thanks to an administration that isn’t sticking to a consistent story. Trade war? No trade war? Is China our friend? Our enemy? I suspect this will all be sorted out by the time Mexico pays for that wall we’ve heard so much about.
We are doing the monthly free public Chart Chat on Sunday. If you’d like to attend then you can register for that on our July Free Webinars page. We are also running our annual July 4th weekend sale over the next few days, so over that period annual memberships purchased have four free months rather than the usual two. As with all our memberships, as long as the subscription is continuous, the subscription price will never be increased in the future.
After a slow start SPX is coming into the ideal low area 2680-2700 that Stan has been calling for the last few weeks. SPX is in the low window and we think that a low this week is likely. (more…)
Since the price of energy has been going higher and higher, there are certain industries whose profit margins have been shrinking due to their reliance on fuel in their business. One company obviously in this category is American Airlines, which I’ve mentioned here many times (as well as on my tastytrade segment). The breakdown continues……..
When I woke up at about 4:30, I wearily glanced at my iPad, and I saw futures were down pretty hard. Nice. I went back to sleep. An hour later I woke up for real, and saw everything was green. And what, pray tell, caused this nearly 30 point spike? None other than that weasel Steve Mnuchin, who – – as seems to be the habit of this administration – – walked back all the tough talk about China. The response was instant.