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Show Notes
Summary of the day
So much to cover today!
CPI data came in hot. The writers for the sell side went into scamble mode.
The bitcoin etfs started trading today and it was messy. MARA 0.00%↑ opened up 5% then settled down at the lows. Bitcoin itself hit 49k but sold off.
The sell sides Apex Terminator model came onto CNBC and proclaimed it was likely after the etfs were approved, that each $BTC will reach $1.5m USD!!! Yeh and Gold will be $10M USD per ounce!
There is nothing to smile about in the top 10 holdings of ARKK
The market tried to rally at lunch time. First the $VIX was pummeled but no rally. Then the 10yr was pressured below 4% and that did the trick.
But look at breadth, specifically the NYSE ADV/DEC up down volume as of 3:20pm. It would have told you rallys were to be sold.
COIN which is 10% of ARKK finished at lows of the day. Yet they are supposed to be the custodian for the majority of the approved spot bitcoin ETFs.
10 yr yields closed at lows of the day. It holds the fate of prices.
Breadth
424 new highs
202 new lows
39% advancing 56% declining
25% below 50 day ma
34% below the 200 day ma
Stuck out
10 Yr Yield under pressure
TSLA loses 200 day ma
Strong
Magnificent 6
Weak
What to watch
PPI Fri
Watch Crypto Animal Spirits
Watch mag 7
Watch yields
Economic data
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