MORNING THOUGHTS

Even us dummies knew this would happen:

https://www.wsj.com/articles/the-spac-ship-is-sinking-investors-want-their-money-back-11642761012?st=ejaplfbp01t82fv&reflink=article_email_share

There is talk this morning on crypto being slammed overnight but most coins are already way down with some turned to dust. Technically, the 2 biggies BITCOIN and ETHEREUM topped on Nov 16, 2021. Our canned line has been for a long time…”when all is said and done, 90% of the coins will drop 90% or more with many going to 0!” We stand by this as it is just another bubble. We dont care who got involved. We dont care how famous and rich they are. Estimates at the highs, there were over 8,000 crypto coins. THAT’S A BUBBLE. Does one really think merchants will take in crypto as payment as it swoons? DOGECOIN started as a lark went from nothing to 77 cents. It is 15 cents. Not worth spit. And we want you to keep in mind, most of the biggies are held in a few hands, touted by many that bought in the past 2 years AFTER a gigantic move up.

Futures down as NETFLIX of no help, down $97 as we write this. One of our mantras: “in bear phases, surprises happen to the downside!” In past days, AAPL finally took out the 50 day. The SEMIS broke a few month support and swooned. Bad reactions by JPM, GS, BLK. Closes have seen markets sell off badly after big gaps to the upside on the open.

For a change, not a gap to the upside today but a gap to the downside off of NETFLIX news. A reversal to the upside today? We are surprised by nothing. Just know any reversal would not change the trend in place right now. Not a prediction, just a possibility as bearishness has picked up.

OILS probably put in near term top yesterday and pulling back. Yields look to be doing the same. Lower yields are supposed to help the growth arena. In the past couple days, high beta growth has outperformed only getting hit as markets swooned into the close. Maybe the 50% drops in many names is close to the end of their bear market. Jury still out and most all still in bear markets.