Remember, it is end of month window dressing. Market will not go down. Seriously!
Futures up…with a few mega-caps like AMZN, GOOGL up early. Not much in the way of earnings. TECD and THO are gapping up. MOMO gapping down.
Just a word on something we said yesterday. When it comes to Bitcoin and Blockchain, just know what you are doing. Yesterday, a few supposed “blockchain” names were bid up but with a few finishing 25-35% below the early highs. That is a lot of cake to lose quickly. Of course, they can go back up but as we have always said “pick your poison!” Know what you are dealing with. Know where a stock came from. Know that some of this is just puke. Quite often, these names that have nothing will go back right where they came from…so careful.
As far as bitcoin, anything is possible. We can read charts on it. GBTC is one we watch and that was a massive break to the upside yesterday on volume. It is extended beyond beyond but that doesn’t mean it just doesn’t keep going. We do believe this is just a monstrous bubble but with charts, we can evaluate it daily and weekly. Notice that since April, the 50 day average has contained price about 95% of the time. Again, know where things came from and what you are getting into.