Happy New Week, everyone, as we can now anticipate SpaceX’s rollout just next Friday, which is going to be like a black hole drifting through the solar system. As I’m typing this, equity futures have morphed from all-green to all-red, albeit very lightly so. They are hardly worthy of commentary.
Of much greater interest to me is Bitcoin, which is getting the pummeling it truly deserves. It is down nearly $2,000 on the futures market right now, and it has cracked recent support.
I’m not sure, but I think concerns about the so-called CLARITY Act are doing the damage. The main proponent of this bill is an elderly woman from that cutting-edge frontier lab of high-tech, Wyoming. I give to you Senator Lummis. Yikes.
She’s trying to co-opt any of the cool and hip weirdos who are into this crypto garbage, such as in this incredibly staged and not-at-all-awkward photo, which I’ve got a hunch wasn’t made in Wyoming.
In any case, Bitcoin is acting PRECISELY, and I say again, PRECISELY, like classic charting dictates. It simply couldn’t be more beautiful, and the next step is for us to crack that supporting trendline.
I am coming into this day exceptionally light in this miserable new-highs-every-day market of ours, with a pitiful 60% exposure. I notice now that equities just took another hard lurch lower so, yeah, I’m afraid my light positioning has guaranteed a rare down day.
You’re welcome.
