There are a number of words that are so over-used that I get annoyed just reading them. “Weaponizing” is one of them. I’m not sure when it came into existence, but these days, especially when referring to government departments, everyone is weaponing this, or weaponizing that.
Another word is “performative“, but I’m afraid it’s appropriate in the case of Bitcoin. The whole obsession with BTC getting to six figures is an utterly performative act, which it managed to achieve last night (with futures, mind you, not the cash market) for all of about 2 milliseconds. After that, it fell $2,000, because why not.
Let’s face it, assigning a value of $100,000 to a bunch of useless 1s and 0s is as important as $103,928 or $95,829 or $392,830 for that matter. We are honestly living in a full-blown psychotic simulation at this point.
China continues to fall to pieces, not just with specific stocks (like PDD mentioned in the prior post) but also the broader FXI fund:
Closer to home, the /ES is down all of 0.1% as I am typing this. The key, I believe, is the horizontal at around the (big round number again) of 6,000. That’s resistance.
The air seems to have left the room for equities, though. Even the likes of NVDA has been flat-lining for the past twenty-four hour, in spite of jaw-dropping fundamentals reported Wednesday evening.
For our marvelous Platinum members, I want to mention that Options Charts has become an obsession of mine, and we’ve already made progress in providing you a way to store your options charts last night. I managed to save a bunch of my positions (although, errr, the Loading feature doesn’t work yet, but should today). Plenty more bells and whistles to come!
