We awake, as usual, to an all-green screen, but there is one very bright spot for me this morning in the form of Up Fintech (TIGR), a short I’ve been mentioning quite a lot recently on my show. Here is how it’s looking this morning:
Evidently, this Chinese firm has been allowing its customers to execute overseas investments, which is not pleasing to the CCP overlords, hence the 40% plunge. They are being given two years (!) to clean up their act. Suffice it to say, after the nauseating strength in the market recently, I welcome a good, hearty, old-fashioned wallop like this, since the /ES below is the kind of grindfest we otherwise have to deal with.
Indeed, the /ES seems to be revving up for a moonshot, which is all the more distressing.
My anchor position, bonds, was weak early this week, but recently it has been fighting back to its horizontal. Here’s hoping that red line provides triple-reinforced resistance.
I haven’t touched precious metals in a while, but I’d like to make the passing observation that I think they’re going to be heading lower for a long while. This aligns nicely with my belief that bonds will be falling, interest rates rise, and the dollar strengthening.
As for the Iran “war” – – anyone remember that? – – it seems pretty clear from crude oil that no one cares anymore. I remain short APA and SLB, my only energy positions.
Getting back to TIGR for a moment, here is the daily chart which was the basis for my trade (this morning’s plunge is not reflected in this, as it represents daily bars from the regular session). I think you can see from the pink tint why I liked this chart so much.
Finally, on Bitcoin, it is the ONLY blip of red on my general market screen, God bless it. I’d truly appreciate this bad boy catching some serious selling soon!
