| | | | On one side of the table, FX strategists and equities analysts are hollering that the market is at a tipping point with no end in sight for the increasing yields.
Across from them, money managers and institutional outfits are brazenly bullish and pushing investors to the buy side...
So which is it? Risk on, or off?
Nobody knows, but everybody talks... meanwhile, the market does its own thing...
But a recent Deutsche Bank survey noted that over half of the millennials have earmarked the better part of their upcoming stimulus checks for the market with an even younger demographic (under 25) echoing a similar response.
At the least, we know we can expect more money finding its way into the market... and crypto, of course...
"Mr. X" has been a long-time follower of digital assets and today, he explains the pros and cons of Bitcoin along with the potential headwinds it may face ahead...
Read it below.
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| | | | | | | | | | | | | | | USPS Deal (Again), Gaming IPO, $2.5 Million Tweet - Back The Horse Up - EV truck maker Workhorse (WKHS) halted the circuit breaker yesterday when the share price rapidly jumped over 25% on investor hopes that the company was back in the running for a United States Postal Service deal. In the morning of the trading session, news broke that a group of House Democrats had put together a bill for an additional $6 billion to go toward more electric delivery vehicles. After losing out on the original multi-billion dollar contract to Oshkosh (OSK), Workhorse may have another shot. Everyone gets a trophy.
- IPOblox - After much delay, user-created video game company Roblox (RBLX) will finally make its debut tomorrow on the New York Stock Exchange. Rumors have been swirling as to what the IPO share price will start at with $45 being the going number. Roblox could potentially be the biggest IPO of the year as the company boasts a valuation of over $29 billion. Clearly, the children are excited about it:
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| | | - $2.5 Million? Screenshots Are Free – As if things couldn't get more strange in the world, Twitter (TWTR) and Square (SQ) CEO Jack Dorsey announced that he is selling his first tweet. How does he plan on doing that? Via NFT (non-fungible token). NFTs have become all the rage recently as blockchain technology allows individuals to sell digital assets like art in a way that they can remain one-of-a-kind. Dorsey plans to auction off the tweet, "Just setting up my twttr", as an NFT with bidding starting at $2.5 million. We anticipate many copy and paste counterfeits in the near future.
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Tepper Traded to the Bulls – Early Monday morning, billionaire hedge fund manager and legendary investor David Tepper of Appaloosa Management became not just the hero the market wanted, but maybe the hero it needed. CNBC reported that Tepper commented to the network that "rates have temporarily made the most of the move" and equities were "safer" in the months ahead. Tepper continued on with bullish sentiment stating that many flagship tech stocks such as Amazon (AMZN) had become more attractive. Easy there, Dave.
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| | | | | | | | HOT SPOTS: What's going on in geopolitics
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| - Begun, The Cyberwar Has: Basically, take any headline that talks about bad things happening to the United States and you can predict the response from American intelligence - the Russians did it. The Biden Administration is reportedly preparing a "mix of action seen and unseen" in response to the massive SolwarWinds hack. Of course, the USA may have a bigger problem because there are also supposed state-sponsored hacks being done at the behest of China. Can the Biden Administration take on both Russia and China in the economic realm and in cyberspace? We may be about to find out.
- 2022 Boycott: One sure sign of a Cold War is when countries start boycotting each other. There's already a movement underway for the United States to boycott the 2022 Beijing Olympics in order to protest the Chinese regime's alleged human rights abuses. Others say that the U.S. should push for the Games to be held somewhere else. The odds of this happening are not high, but with some Republicans in Congress taking up the challenge, this won't be the last you hear of it. After all, the Olympics will be perfectly timed to kick off the 2022 midterm election campaigns.
- Demonstrators killed in Myanmar: At least two people protesting the coup by the military of Myanmar have been killed. Police occupied hospitals, universities, and other key locations as they attempted to squelch the growing pro-democracy movement. Thus far, it is assumed that the new regime has Chinese backing. Barring a media frenzy or forceful American support, it's doubtful the population can force out the military unless the generals' resolve fails.
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| | | CUTTING EDGE: What's Happening In Tech
AI Versus Alzheimer's - Using Artificial Intelligence, researchers have found evidence that Olumiant might be useful in treating Alzheimer's disease. The drug, produced by Eli Lilly and used to treat rheumatoid arthritis, inhibits janus kinase. AI determined that drugs of this kind might provide the first effective way to combat the dreaded plague. Companies have lost billions in failed efforts to develop a treatment - a clinical trial for Olumiant will be starting soon.
Ketamine To Target ALS - Ketamine is one of the most talked about drugs in recent years. Mostly used to start or maintain anesthesia, a slightly modified form has also been used to treat depression. However, PharmaTher has made an agreement with the University of Kansas to use the drug for ALS. Initial studies show that ketamine treatments could preserve muscle function in patients in the early stage of the disease, potentially increasing life expectancy.
Perseverance Takes A Spin - Another success for NASA's Perseverance Mars mission. The robotic rover was able to drive almost two dozen feet on the Red Planet, allowing researchers to take a look at the landing site. "Wait a minute," you might be thinking, "hasn't this thing been there for a while now?" Well yes, it has. Apparently scientists needed to do a full systems check and, we're not making this up, upload a new software patch. And you thought it took a long time for your PC to process an update.
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| | | | | | Still updates faster than any printer back on Earth |
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| | | FOR YOUR CONSIDERATION
"Bitcoin is beyond the power of any one firm or government to destroy. However, it's still not a fundamentally stable asset."
Bitcoin has delivered better returns than almost anything else over the last year. However, is there really nothing but upside for the world's biggest cryptocurrency? Mr. X says it is more complicated.
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| | | | | | | | | | With the bearish state of Tech stocks, Apple (AAPL) is on high watch due to being one of the largest, if not the largest holdings by various funds.
I switched it up for today and we're looking at the hourly chart from the last two weeks...
For short term and day traders, bounce plays have been the go-to in this environment.
Looking at the gold horizontal lines, you can see the low pivot points which have been occurring early on in the trading day before the fade continues.
Zooming out to the bigger picture, AAPL is showing lower lows and lower highs meaning the downtrend is still intact.
What's notable is the resistance found at the upper end of the channel as seen in the gray bubble...
Until a strong pivot is made to the upside (~$127+), I'd look to go short as it looks like more downside in the short term... and the same could be said for Tech.
-Corey
(Disclosure: I hold no position in AAPL.)
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