Welcome to 2021, everyone! The first real trading day of the year! Let’s see what the first few hours of futures trading yielded us through the night:
Let’s start with Bitcoin. Sunday evening, out of seven billion people on the planet, I was the only one stupid enough to actually say the following: “my wild guess at this point is that cryptos have – – for the time being – – peaked..” Well, this sucker plunged FIVE THOUSAND DOLLARS in the span of a few hours. Not bad, eh?
Equities are, naturally, holding up all right (although, as we saw last week with /RTY, the cash market can change that instantly). The NQ is safely above its short-term trendline and, as decreed by federal statute, at lifetime highs.
The Russell is up too, although it is in more vulnerable a place than the NQ right now.
I am pleased to say that gold, at last, has decided that Bitcoin should not have all of the the-future-is-bleak fun, and it’s up fifty bucks as I am typing this. Nice! I would be thrilled to see precious metals rip higher this year, making obscene gestures at Powell the entire way.
For myself, I’m pleased the freakin’ holiday season is over (except for MLK – — which means another three day weekend is just around the corner). This should be a terrific year for Slope, and I want to assure our paying members that the priorities you established for me will be followed. I’m looking forward to building things out even more.