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“Everyone is bearish.” You hear it every day of the week. It’s right up there with “the check’s in the mail” and “let’s do lunch sometime.” It simply isn’t true by any measure, and rightly so. The number of stocks above their 100-day moving average is about 85% (effectively…………everything) with a ticker symbol).
The featured equity that reports earnings after today’s close is Applied Materials (AMAT). I’d say 124.92 is the important dividing line on this one. Stay below it, and the stock is probably in trouble.
Normally, I’d be excited. But this hasn’t been a normal week. Although in absolutely terms I’ve been fine financially, I feel like I’ve been getting my face punched in every single day. Every day, we get totally bearish news, the market starts selling off, and then SOMEONE (I assume from D.C. and NYC Fed) bids the hell out of the market. I’ll tell you one thing – – since I’m more lightly positioned than I’ve been in an entire year, I’m going to be pissed as hell if this sell-off actually STICKS, because last night I was seriously contemplating shuttering my trading account and just developing products for a living.
As is my strange habit, no matter the time zone, I get up at 5 a.m. On the Pacific coast, that’s perfect. Here in EST-land, not so much. In any case, even during this absurd hour, let me share with you an insight. Below is the chart of Ethereum. We know all about crypto, right? Going to change the world with blockchain, smart contracts, and digital currency, yes? Not a chance. Crypto has become nothing more than a proxy for equity enthusiasm. It might as well be the SPY. Honestly. Crypto has almost NO purpose except to serve as just a different flavor of equity ETF, so it merits observation by stock people.
Just thinking of the word “passport” gives me chills, considering some of the headaches I’ve had to deal with. Anyway, if you’re Japanese, please, come right this way………..
