Something very odd is going on.
First off, crypto has gone positively ape. A year ago, the entire crypto space seemed dead and buried. Now it’s the hottest thing in pants. Bitcoin has gone up about $5,000 in just the past few days, and it’s hardly taking a breath. I would remind folks visiting this site that Slope has a lot of cool crypto stuff, and you can check out our Best Pages For You guide to see them.
When futures opened on Sunday, gold wanted to jump right in there and sail with crypto too, which lasted all of a few minutes. Since then, gold has lost every penny of its gains and has gone negative. Like I said something VERY weird is happening under the surface.
Let’s all take a moment and salute our beloved Vulcan, who had this to say when gold was sky high on Sunday:
If you had told me on Friday that Bitcoin would be up thousands of dollars over the weekend, I would have assumed that equities would likewise be blowing higher, since assets all tend to move in synch these days. Oddly, the stock futures have been weak all night.
The most fascinating chart to me in the futures realm is that of the small cap (/RTY) which is, at this moment, PRECISELY at its Fibonacci. It’s a beautiful sight!
