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Monday 26th July 2021
Hi Friend,
MMMs ... Chart of the Week ... The Bitcoin Bear Trap ...
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| | The Saturday Economist Club ... Monday Morning Markets ... |
| | Chart of the Week ... The Bitcoin Bear Trap ...
Bitcoin threatened the 29,000 level this week. With not much support to follow, 20,000 was to be the next step down, according to some analysts. FUD, Fear, Uncertainty and Doubt, overcame FOMO, the Fear of Missing Out, for many.
That's the great problem with stop loss. Stop Loss positions mark the points on the chart, at which nervous traders can be squeezed. Bitcoin teased the 29,000 level on Tuesday. Finally the scalpers moved in to end the misery for the bears. By the end of the week, Bitcoin was back at 32,000. Over the week end, the price moved up to 38,000, as shorts scrambled to cover positions and rumors spread Macdonald's and the IRS were going to accept crypto. For insiders, that would make for a 30% gain on the trade intra-week ... not bad
Bitcoin, a medium of exchange? A store of value? A unit of account? An inflation hedge? Perhaps. Fundamentally, it's a traders dream, in a market ripe for manipulation and insider trading. Elon Musk explained the rules this week, "I may pump but I will never dump", with a bit of front running when needed perhaps?
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| | Monday Morning Markets ... Index Portfolio up 0.46%
This is The
Saturday Economist Monday Morning Markets, we check out trends and
movements in ten equity markets around the world ... Our Index Portfolio was up 0.46% in the week. American and European markets were higher. Asian markets moved lower. You can access the Chart Book and download the PDF using the link The Saturday Economist Monday Morning Markets |
| | Bond Market Sentinel ... UK Ten Year Yields 0.60%.
This is The
Saturday Economist Bond Market Sentinel, we track the performance of ten year gilts and bonds in the US and the UK. UK 10 year gilts yields closed at 0.60 down from 0.63 last week. US yields held at 1.30. So much for fears of inflation, institutions just love those bonds. Life on Planet ZIRP continues, with no escape in prospect ...The Saturday Economist Bond Markets Sentinel.
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| | Exchange Rate Updates ... Sterling closed up $1.38 ...
This is The Saturday Economist Exchange Rate Tracker. We monitor five pairs with scenario outlook to 2022 Q1. Markets were steady in the week with Sterling higher against the Dollar. Markets remain excited by Fed talk of tapering ... as if ...
You can access the Chart Book and download the PDF using the link
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| | Crypto Wallet... up 12% in the week ...
This is The
Saturday Economist Crypto Wallet. Last week, we said "Even the bulls are bracing for the move to to 20,000". The bear trap and subsequent short squeeze pushed Bitcoin up 20% in the week. followed by Dogecoin (16%), Ripple (12%) and Litecoin (14%). You can access and download the chart book using the link. The Saturday Economist Crypto Wallet It's just for fun!
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| | Metal Markets ... up 1.13% ...
Our metals hopper moved up this week. Copper up 1%, Lead up 3% and Nickel up 2% made for the greatest gains as aluminium traded sideways and zinc moved lower. Not much sign of a commodity boom, nor much price weakness either.
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| | Empires of the Cloud Fund ... up 4% in the week ...
Our Empires of the Cloud Fund was up 4% this week, as tech and growth stocks came back into favor. $10,000 invested in our Empires of the Cloud Fund in 2016 would be worth over $40,00 dollars today. What will 2021 have in store? With an average PE of 40, some consolidation would appear to be in prospect!
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| | Oil Prices Moving Lower ...
Oil
prices Brent Crude closed unchanged at $73.76 last week. WTI is trading at $71.77 this morning having touched $66 dollars at the start of last week. We expect oil to trade between $65 - $70 in the
second half as the long bets unwind. Is this still a realistic call? You can access our models and
forecasts using the link ...The Saturday Economist Inflation Chart Book ... |
| | That's all for this week, have a great week ahead ... J
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