Bitcoin and cryptocurrencies, while talked about frequently, has remained a sort of closed universe comprised of digital geeks. But its recent growth has attracted the attention of institutional players.
Over the years as we have covered various sectors — from energies to stocks and stock indexes to fixed income to forex; and different asset classes from futures to equities to exchanges traded funds — trading has grown more complex.
Do you believe in Christmas in August? Better get used to it, we are upon the traditionally slowest volume week of the year other than Christmas. This year, a lot is going on which is simmering under the surface. We may just get a break from it this week.
It was a fine intraday shorting opportunity on the YM. Like most days those of us keeping our nose to the grindstone work to eke out some points. Check this out, it doesn’t get much nicer than this. The pivot in question is 233 min (Fibonacci) high to high to 21987 and the 987 is the vibration (Fibonacci).
It’s been a long season of disappointment for the bears. Chalk up another one. Once again, the Dow came to edge and didn’t jump. Tuesday was the big day. Markets started dropping like a rock on the apparent news of yet another “Russian collusion scandal” involving Trump’s son. You know all about it. But by the time it started turning up news broke the Senate decided to stay in session for the better part of August. Markets turned up and fully recovered.
A week ago, heavily weighted tech stocks were taken to the woodshed. By far the most important market observation we could have is to see how they’ve recovered. If they don’t recover, there is little hope for the market to get a sustained leg up through the summer.
This brings us to Friday's widely-publicized "Tech Wreck." Ahead of the weekend, the massive, former market-leading FAAMG stocks (Facebook, Apple, Amazon, Microsoft and Google) led a big reversal in U.S. tech stocks. As of writing, each of those stocks is trading off over 5% from their intraday highs, and the NAsdaq 100 index of technology stocks is trading off by over 4% as a result.
It was a decent week for the stock market. Why? It could be because President Donald Trump was out of the country and the dialogue shifted away from scandal to geopolitics. The stock market didn’t have a chance to get upset as everyone took a breather from the growth agenda being interrupted. But he’s back and the domestic problems have not gone away. Who knows what they’ll come up with next.