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Over the weekend, as crypto crashed, we mentioned a few names for bargain hunters to consider on Monday (Crypto Crash: Bargain Hunting): the bitcoin miner Marathon Digital Holdings (MARA), the bitcoin hoarder MicroStrategy (MSTR), and the retail crypto trading platform Coinbase Global (COIN). All three bounced on Tuesday:
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Stonetoss’s classic comic about Bitcoin volatility. Note from Tim: God, I’m weary of this cartoon.
(more…)I’ve made this point before, but it bears repeating: I’m sitting tight with ALL my positions, in spite of all these huge “up” days we’ve been stomaching, simply because the patterns have all the marks of major, important tops. Taking Discover Financial Services as an example, the reversal pattern as gorgeous as Rachel. The dip we’ve seen so far, in spite of it throwing off a nice triple-digit gain on my put options, is Pee Wee compared to the potential. Thus, I’m not BUDGING.
First of all, although I know some of you will protest, I have decided (once again) to eliminate myself from the Top Ten Virtual Traders list, because my equity amount (over $65 billion) has become just plain stupid. I thought for a while maybe I can get it to $100 billion or, who knows $1 trillion, just to be goofy, but, let’s face it, this isn’t helping anyone, and I’d rather focus on my REAL ACTUAL account. So, congratulations to Secundus, who is now in First Place!!
OK, let’s talk about the markets, and we’ll start with the S&P 500 futures (the ES):
