Coinbase to the Moon? Nick Santiago 4-15-21 #246
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Description
1. The markets are in rally mode today with the Dow leading the charge. Russell is flat. Basically, as long as the volume trends remain light we must give the...
show more2. Umeployment claims came in well under today, 576k new weekly claims. Market is focusing on bond yields not employment.
3. Retail sales up 9.8%. Great number but trouble is ahead. A lot of gasoline poured on the fire. Loads of free money with no end in site. Pedal to the metal by the Fed. The party is going to come to end in the near future. Parabolic patterns always end the same.
4. Coinbase (COIN) is going to debut as a public traded company today via a direct listing. The popular bitcoin broker is expected to be a hot issue today. It's interesting that the so-called anti-dollar solution to fiat currency is going to be priced in dollars after going public. Is it me or does something seem a little off here? Worth over $100 billion. Opened at $429 in just 20 minutes. By 3pm it was down over $100 from its peak. They came out at the perfect time.
4. Gold/Silver explode upward. Gold up 1.65%. $30 gain. GLD up 1.6%. GDX up 3.65%. GDXJ up 3.82%. Dollar is flat after a major advance. Bond yields are still heading way higher after pulling back today. Gold could be staging a multi-month rally. There will be pauses but $1800 is in the offing. Silver is near $26 and there’s clear saililng to $27. The silver chart has been lagging gold, but it just had a head and should pattern and it failed. The best moves come after failed. In the short run resistance is at $27 and if it breaks it, we could be looking at an all time high. People have missed this opportunity.
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Organization | Kerry Lutz |
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