The Crypto Apocalypse continues as we get another day of selling, driving all the scared money out of this sector
Is this the move we have been waiting for in gold or just another pump and dump.
Miners are leading the way again up over 2% today, Gold and Silver are following. that is what we want to see,
and finally we get some normal market action for a September, DOW down $245 as I post this, as we had no market on Monday, today is our Monday and markets tend to trade up by weeks end after a hard Monday selloff , so lets see if that holds true again
After 3 days of selling and $30 billion of market cap gone, the Cypto sector had a pretty good day, as in most currencies were in the green, of the three currencies I track, Bitcoin, Ethereum and Litecoin, Litecoin by far had the better day, and of the three I think Litecoin might be the better buy
Strong setup in Ethereum , today’s pin bar confirming yesterdays low, this looks ready to rip higher and maybe take another swipe at the $400 mark
People who panic over the weekends crypto selloff are not going to be happy if they sold.
Crypto is on the rise , adding $12 billion in market cap in just one day. I really like Litecoin here
it is amazing how this market can go from sky is falling, to over bought in just a day, Energy is again trying to end it’s down trend,
Another big up move for Gold today, now up 17% for the year, below is weekly chart of Gold, I am looking at that 4 year sidways consolidation, we are nearing the top of that consolidation, $1,400 is the last level of resistance, get a weekly close above that then things get exciting.
We have seen EURUSD break out of it’s 2+ year consolidation, as US dollar continues to weaken, the gold consolidation could be the next breakout
Here is my market trend review for the week
The stock market honored the 16th anniversary of 9-11 with a huge stock market rally, DOW up $260 S&P new all time closing high , all but 1 of my ETF’s were positive with half up more than 1%, Energy continues to rally. Only area really hurt by today’s rally were Gold and Silver
Crypto’s are bouncing a bit in early trading, Market cap is back above $150 billion, I am liking the action in this pull back, look how Litecoin keeps testing and bouncing off $65, that tells me there are buyers coming in at that level, Nothing wrong with buying a little here
Yesterday’s bounce was short lived as more selling hits the crypto’s , big corrections after big moves is common in this market, we need these corrections to run the get rich quick crowd out of the market, I know it is fun to see your money double in a month, but such volatility is not good for any market
No love for Bitcoin or the rest of the crypto’s as prices continue to crash, no point in trying to catch a falling knife here, let the selling play it’s self out, Long term investors can buy into this sell off just know that you are not going to buy the bottom and it will likely go lower after you do buy.
Mix day with more losers than winners, DOW did close at an all time high, REIT’s were up a full 1%, this has been a crazy sector to invest in as this looks more like a medical chart then a trending stock price, but even if you are just in for the yield it is pretty nice at 3.9%
Here is my weekly review of Market trends,
Crypto’s are on the rise following a two week selloff, alt-coins had the biggest selloff and are now leading this rally
As Stocks hit new all time highs, here are some of the headlines I am reading
Hidden cracks are forming in the stock market ( Business Insider)
US Stock Market: 5 Reasons to Be Cautious ( Seeking Alpha)
When the Stock Market finally Implodes ( MarketWatch)
Tesla Stock is Hanging off a Cliff ( The Street.com)
The Stock Market just Entered a Dead Zone that sees it Drop 70% ( CNBC)
Until these bears are on the verge of Extinction , this market will move higher
Gold is sitting at an important support level of 1295 ,
Here is my weekly review of market trends, Oil up, gold down, dollar creeps higher, US stock indexes at all time high,