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Sorry for the obsession with crypto (actually, I’m not………) but it isn’t often an entirely new class of financial instrument comes along with the entire industry spewing all over themselves with excitement. It is heartening to me, as a rational human, to see the incredibly predictable catastrophe that is taking place all around us. These aren’t tiny moves. These are 35% wipeouts in a matter of days.
In the most obvious move in the history of mankind, Bitcoin continues to shrivel away in the aftermath of the absurdly overhyped “oh my garsh there’s ETFs!!!” rally. Below is a featured face from some kind of crypto influencer that was posted last night.
On the heels of yesterday slightly-hot CPI report came this morning’s ice-cold PPI, which is actually indicating deflation (spoiler alert: that’s not as good a sign as the media wants you to believe). In any case, I’m glad I took the cue from the Fibonacci levels and GTFO of my IWM puts yesterday near the day’s low. Fool me once, etc………
So let me get this straight – – people are terrified of Artificial Intelligence Misinformation and yet consider the risk of a tech bubble bursting to be practically nil? OK, got it.
I strongly suspect I’m the only person in America who has spent the past few days listening to full Watergate hearings. I was a little boy when these were going on, so they are definitely part of the fog of my childhood, and I’ve been fascinated with Nixon my whole life. This has also been “homework” during the rewrite of my novel. What I find charming is the thick southern drawls of so many of the Senators. Those seem to have vanished with time. It’s a shame. Anyway, in case you’re a loony like me…….
