Good morning, everyone, and welcome back from the three-day weekend celebrating the founding of our once-great Republic. I am delighted to say that there will be no more holidays until September, unless Congress panders to another special interest group and rolls out the Albanian Feast of the Cabbage God as a federally-sanctioned event. I, for one, am weary of these government-based edicts requiring people not to work (which, let’s admit, is the only thing the government is good at anymore).
I was watching the futures during the weekend, but crypto was even more interesting. It was looking like the bulls were eager to take their one day of victory (Friday, July 1st) and try to run with it. Little do they realize that the only reason they got that rally is because I didn’t get on Bear Force One. The world’s money had already been positioned for my flight, but when I cancelled, there was a snapback effect. That’s history, folks. The BFO fade trade is over.
Here we see Bitcoin boldly breaking out (accompanied by a virtually instant explosive move by the /ES) only to completely lose its energy and puke back below $20,000, where it belongs.
Indeed, the entire crypto space has been in meltdown mode for EIGHT SOLID MONTHS, and its demise has yielded little more than near-psychotic tweets from Saylor.
It’s the same with Ethereum, naturally, and a reverse taking place last night and a breakout not even getting close to taking place.
I am pretty heavily loaded on the bear side, although my cash available has increased substantially, mainly because I’ve pushed a bunch of new buying power into my accounts. We are now entering July, which is going to be absolutely action-packed with what I think is going to be an earnings meltdown.
So let’s go get ’em, shall we?
