Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Phil Davis: Are we there yet?
As you can see from David Fry's chart of the NYSE McClellan Oscillator, we are dipping into oversold territory and that usually doesn't last very long. Overbought doesn't last very long either and, as I mentioned in Monday's post, we took that July spike to “overbought” as one of the signs that told us to short the market into the August collapse. We went long at the end of August and cashed out our short-term portfolios two weeks ago so we aren't looking to catch any falling knives but, as I said yesterday – there are certainly bargains to be had already so no reason to have an empty Long-Term Portfolio as we can hedge for a drop back to the August lows (S&P 1,100) (NYSEARCA:SPY).
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There's plenty of scary news out there. I sent out an early morning Alert to Members at 6:32 as Germany had a failed auction of $8Bn worth of 10-year bonds, with bids falling 35% short of the offer! Euro-Zone PMI reports SUCKED (NYSEARCA:FXE) now running at 29-month lows (May 2009, when the markets were about 50% lower than they are now) and Chinese PMI fell all the way down to levels not seen since March 2009 (NYSEARCA:FXI), when we had a total market collapse – ah memories…
To put a cherry on top of the bad news sundae, there was a shocking revelation last night that Bankers lie AND cheat in order to make money! Yes, like I said, SHOCKING! BCS, CS, HBC, BAC, JPM and RBS all being sued/investigated over manipulating the LIBOR market. Apparently this is coming from the EU, US, Japan and the UK. While “shocking” to people who think the market isn't rigged – IT'S NOT NEWS! Here's my comment from April 18th:
More shenanigans from the Gang of 12: Three investment funds file suit against several major banks, accusing them of conspiring to artificially suppress LIBOR, robbing investors of returns. U.S. and U.K. regulators have been investigating…
Please read the rest of Phil's Article here!
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.