Got to start off with BTC hitting $40k and then some for new all time highs. It remains the highest % gain compare to S&P 500 companies. The first signs of a dip came in yesterday when it hit $40k and immediately fell down to $37k, but only to recover the losses and open higher in Friday morning towards $41k. By end of the day BTC settled lower and under $40k but what a week for the crypto. Even altcoins joined in on the bull run with ETH over $1200. I am not calling crypto being in a bubble but relative to other asset appreciations it sure looks amazing to witness.
Today we learned December job growth had slowed down. Yet it was not enough to stop markets from rising. Some high growth names also made all time highs. One of them is none other than TSLA. As of yesterday TSLA soar to the point that made Elon Musk the richest person on the planet. Today his lead continues to grow as TSLA closes at all time highs $880.
The Dix number at end of today is also very bullish at 48. Dark pool was buying into the market even with market rallying.
More bulls than in past readings so caution for days ahead.
The only time with more retail trading was in June of last year, but who is to say that this can not rise further in 2021 as it just begun.
What got routed today were precious metal but also note worthy is that the US dollar appears to be finding a bottom. It is important to watch carefully if the dollar will rise from here since all the anticipated fiscal and monetary stimulus is expected to weaken the dollar it has yet to truly put the US dollar down in the dumps. If the dollar rises the trade will likely be risk off.
All signs lead to some sort of resistance and or correction in the near future but we been in this road before since late last year. As long as markets maintain steady uptrend every dip has been bought and will continue to be bought. Bull trend continues until it does not.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
