BITCOIN AND MARKET

-By Gary Kaltbaum- February 1, 2018-
-As one of the loudest, bearish voices on all things bitcoin, ripple and all that crap, we are very surprised but are very happy how quickly the air has come out of this ass-et. We simply stated we did not know how long the move would last or how far it would go…just do not be the last one in. Hopefully, you were not the last one in. Here were the signs we alerted to you that scared the #$#@ out of us:-
-“Geniuses paraded on tv to tell you to buy all the coins you can get your hands on…AFTER IT WAS UP A ZILLION-FOLD.-
-Calls for $100,000, even one call for $1,000,000. Not kidding.-
-Billionaires coming out of the woodwork even though they knew they could never sell what they owned.-
-Just like 1999, companies started changing their names, dropping their cigar, juice and iced tea businesses to enter into the crypto-currency business. Those stocks would skyrocket in seconds. All are now in the midst of the round trip.-
-Almost 1500 coins were put into circulation. Talk about dilution!-
-At parties, college students talking about how they tripled their money and expect to make tens of millions.-
-Futures exchanges accepting trades…AFTER IT WAS UP A ZILLION-FOLD.-
-RETAILERS accepting bitcoin….NOT ANY MORE!-
-Newsletters popping up all over the place AFTER IT WAS UP A ZILLION-FOLD. Yup…all of a sudden, crypto-currency geniuses running amok.-
-So why are we happy? If we have already seen the top, it means the masses never had a chance to be screwed. For sure, many have been left holding the bag that bought into the crazy but we do not think it hit big-time mainstream. When the market broke in 2000, many, many many were sitting with stocks (and refused to sell) that went down 50-100%. The sad news is a lot of these crypto-businesses have been shown to be scams and quite a few have been hacked.-
-So we repeat…we have no clue what exact path these coins continue to take. (Maybe it goes back up again!) We just think when all is said and done, a lot of this is going back where it came from. Many of those “questionable” stocks already have. Many coins have. Time will tell if they get them all.-
-As far as the market, any idea of a deeper correction was stopped dead in its tracks this morning at 26,000 Dow when the big bids came into the financials off of higher long rates. So far, the correction was a measly, and we mean measly 600 Dow points after an 8,000 point move. We also make note that Boeing (BA), the biggest mover in the past year…is again on the move accounting for another 160 Dow points in the past day. Everything counts. Now we watch the 26,000 level more closely. Amazon, Google, Apple after the close.-