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Happy Sunday evening, everyone. As we drag ourselves through this ridiculous three day weekend, at least the futures have opened up. I’m typing this just a few minutes after the opening bell, but at the moment, every single equity futures contract is in the red.
A successful completion of these patterns would be a Bad Thing for equity bears. So, great, we’ve got something to fret about over the long holiday weekend.
Remember how I was all freaked out about cryptos breaking out and creating a new equity bull market? For the moment, that seems to have been beautifully aborted.
As is my strange habit, no matter the time zone, I get up at 5 a.m. On the Pacific coast, that’s perfect. Here in EST-land, not so much. In any case, even during this absurd hour, let me share with you an insight. Below is the chart of Ethereum. We know all about crypto, right? Going to change the world with blockchain, smart contracts, and digital currency, yes? Not a chance. Crypto has become nothing more than a proxy for equity enthusiasm. It might as well be the SPY. Honestly. Crypto has almost NO purpose except to serve as just a different flavor of equity ETF, so it merits observation by stock people.
Up until November 2021, one of the hottest stocks around was Silvergate Capital (symbol SI). The quality of its pattern was so clean, I mentioned it a number of times both on Slope and on my tastytrade program.
