Elon, Cathie, and Jack - Welcome to the Pump
Global Futures are extending gains on Wednesday morning after retail traders bid the indexes all day yesterday to essentially erase Monday's losses. I can't imagine where we'd be right now if buy-back inflows were in the mix this week. But, here we are nevertheless, back near ATH's, and markets refuse to accept anything greater than a 2% correction before the BTFD crowd goes mental and pushes all-in once again.
As of 9AM, the Dow is up 0.44% to 34,550 (we're back at the 21EMA and seeing light resistance), the S&P is up 0.25% to 4,326.75 (we're just above the 21EMA and looking bullish after the heavy buy flows yesterday filled Monday's gap and then some), the Russell is up 0.75% to 2,208 (we still have upside to the 21EMA around 2,235) and the Nasdaq is down -0.9% to 14,709 (we're skipping along the 21EMA at the moment and seeing consistent support).
Vix was clobbered around -12% yesterday and we're extending losses today. We're down around -3.7% and trading at 19 flat. Risk protection is clearly in high demand as any sign of sentiment shifting negative, and where a couple percentage point retreat, results in Vix exploding 25-35%. What a real correction would do to Vix is another story. I'll leave that to your imagination for now.
Bitcoin is up just under 6% on the day after seeing a 29k handle yesterday. We're back at 31k and looking poised for a notable bounce. We'll see Elon Musk, Jack Dorsey and Cathie Wood speak on cryptos today, and in anticipation of a permabull stance on crypto, the bulls are lining up for the easy money bounce. We have potential upside to around 40k, but the downtrend is pronounced, and imo the bull are trying to catch a falling knife. With market breadth this terrible, and liquidity constrained until next week, traders are still walking on very thin ice.
Crude is rebounding notably after an ugly few sessions saw us kiss a low of 65 (WTI). But, we're back at a 68 handle and likely to see a notable retracement to around 70, before another leg lower. Lastly, Gold is rolling over again after the recent recapture of 1,800, and now that markets are full risk on once again, Gold, Treasuries, the dollar, and the Yen, among others, (safe havens) are taking it on the chin.
Let's see how the cookie crumbles today, and what Bitcoin looks like after the parade of permabulls likely attempt to hype the market beyond comprehension. Our live analysis begins at 9:30AM.
* I am/we are currently long HUV, UVXY
As of 9AM, the Dow is up 0.44% to 34,550 (we're back at the 21EMA and seeing light resistance), the S&P is up 0.25% to 4,326.75 (we're just above the 21EMA and looking bullish after the heavy buy flows yesterday filled Monday's gap and then some), the Russell is up 0.75% to 2,208 (we still have upside to the 21EMA around 2,235) and the Nasdaq is down -0.9% to 14,709 (we're skipping along the 21EMA at the moment and seeing consistent support).
Vix was clobbered around -12% yesterday and we're extending losses today. We're down around -3.7% and trading at 19 flat. Risk protection is clearly in high demand as any sign of sentiment shifting negative, and where a couple percentage point retreat, results in Vix exploding 25-35%. What a real correction would do to Vix is another story. I'll leave that to your imagination for now.
Bitcoin is up just under 6% on the day after seeing a 29k handle yesterday. We're back at 31k and looking poised for a notable bounce. We'll see Elon Musk, Jack Dorsey and Cathie Wood speak on cryptos today, and in anticipation of a permabull stance on crypto, the bulls are lining up for the easy money bounce. We have potential upside to around 40k, but the downtrend is pronounced, and imo the bull are trying to catch a falling knife. With market breadth this terrible, and liquidity constrained until next week, traders are still walking on very thin ice.
Crude is rebounding notably after an ugly few sessions saw us kiss a low of 65 (WTI). But, we're back at a 68 handle and likely to see a notable retracement to around 70, before another leg lower. Lastly, Gold is rolling over again after the recent recapture of 1,800, and now that markets are full risk on once again, Gold, Treasuries, the dollar, and the Yen, among others, (safe havens) are taking it on the chin.
Let's see how the cookie crumbles today, and what Bitcoin looks like after the parade of permabulls likely attempt to hype the market beyond comprehension. Our live analysis begins at 9:30AM.
* I am/we are currently long HUV, UVXY
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