Happy Wednesday, everyone. yesterday’s brief dip has been answered with, yep, another all-green screen, as equity markets are up about 0.75% pre-market on the heels of the 57th extension of the Iran ceasefire.
What was funny to me was that I glanced at Google News yesterday and saw on the same page two different stories about the situation in Iran separated by a single day. Let’s just all agree that Taco Tuesday is a real thing.
Here are the two headlines:
This extension (of which there will be countless more, I’m sure) was announced JUST after the market close yesterday (naturally!) and the markets all blasted higher instantly.
What was striking to me was that the blast was relatively muted. Two weeks ago, when they had a similar announcement, the /ES vaulted higher by over 150 points.
In this instance, yes, the market went higher, but only by about 40 points, and it has drifted rather aimlessly since then.
Not to say that I’m thrilled with the situation. Yesterday clearly wasn’t some kind of turning point (so to speak) but appears to have been but a brief respite in this goes-up-everyday-irrespective-of-news market we are in.
Indeed, the only true tidbit of sanity is that the risible Allbirds story (maker of wool shoes turns into AI infrastructure play) has burned off about 66% of its value in a matter of days. I have no doubt this will be a penny stock later this year.
What’s with the title, though, Tim? Stern warning? Well, I’m talking about Bitcoin. I don’t like the looks of this:
The key is the $81,000 level, tinted in yellow. Push above it and it adds fuel to the bullish fire. Sputter and fade away from it (particularly if we can cut below $73,750) and the bears have a fighting chance. And remember, I’m not talking about Bitcoin specifically, but all assets.
I am coming into the day more aggressive than yesterday (around 116%), and it will be crucial to see where we are at when the day is over, since it’ll be the bigger “tell” as to how impactful these ceasefires truly are now.
Thanks for being here, and I’ll type at to you again soon!
