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Even though I haven’t touched crypto since 2021, I remained stunned at what a chart-friendly creature it is. Most recently, I called for the rapid ascent in BTC to poop out at the Fibonnacci level. Take note what a good job the Fibs did for both support (green tint) and resistance (magenta tint). The recent “repulsion‘ was particularly incredible, with an accuracy of 100.003%.
You’ve had your fun. You’re done.
In spite of the surge in interest in buying every stock on the planet, one particular item has continued its regular downbeat: IYR, the real estate ETF:
As I am typing this, the /ES is up over 70 points, and the bulls are, once again, prancing around and high-fiving each other. No problem! I am steadfastly maintaining my 20% cash balance. The only crazy position I’ve got is a bunch of SPY March 17th puts, which are at the moment down 46% (hey, they were down 62% before!). I find it quite interesting that the /ES is precisely at the 50 yard line, so to speak, between the two major Fibonacci retracement levels.
