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I consider crypto to be an important indicator of the Animal Spirits. Crypto has rallied lately, but I would hasten to point out that the broken rainbows are still the key. We’ve push BTC back up to the outer edge of the broken rainbow.
For my principal focus of shorts, I have pivoted away from my riotously-successful energy plays to the world of finance. I am delighted – – absolutely DELIGHTED – – to report to you that, for the first time since the March 2020 Covid bottom, financials have broken their uptrend.
I’d like to suggest that the Mexican fund symbol EWW has provided “a second bite at the apple”; I’ve acquired January $50 puts this morning based on this bearish head & shoulders pattern (take note of the price gap).
Since I consider Jerome Powell to be the very personification of evil made flesh, I assumed I would wake up to some kind of fiasco this morning. Incredibly, as I type this before the opening bell, we still have a lovely sea of red, particularly with the market I’ve been obsessed about for weeks: crude oil.
