Hello everyone,
This past weekend, I had the opportunity to share some insights during the Sticky Trades convention in Florida. Despite being away from my usual setup and relying on my iPad, I managed to delve into the current state of various financial markets. Here's a rundown of my analysis, focusing on key areas like cryptocurrencies, the Dollar Index, gold, and specific stocks.
Bitcoin and Ethereum: A Tale of Two Cryptocurrencies
Bitcoin: Currently, I'm short on Bitcoin. The Bitcoin ETF didn't make the splash many anticipated, and historically, Bitcoin tends to sell on news events. Although it's showing resilience at support zones, I'm closely monitoring for a potential exit from this position.
Ethereum: In contrast, Ethereum is exhibiting strength, maintaining above its support levels. I'm eyeing an opportunity to buy more if it breaks out, signaling a potential shift in the crypto market dynamics.
Dollar Index: Predicting the Next Moves
The Dollar Index showed a minor bounce from major support zones, but I'm anticipating potential further declines, possibly targeting levels around 96 to 98. Each bounce seems less vigorous, suggesting a weakening trend.
Gold: The Struggle and Potential
Gold is facing challenges due to the dollar's movements but is holding the $2,000 area. A breakout here could lead to higher prices, making it a market to watch closely next week.
Equity Market: The Strength of SPY
The S&P 500 ETF (SPY) reached new all-time highs, a bullish sign for the market. This trend doesn't seem to be reversing soon, indicating a strong equity market.
Natural Gas and Uranium: Sectoral Shifts
Natural Gas: There's been a reversal and sell-off in natural gas, a reminder to stay cautious and stick with trending sectors.
Uranium: Despite a pullback, uranium remains an area of interest, especially for potential intra-week buys.
Stock Picks with High Short Interest
I highlighted several stocks, including TGTX, BOWL, SRRK, and SVV. These stocks are showing interesting technical positions and potential for upward movement, making them worth watching.
This analysis is just a snapshot of the dynamic financial markets we're navigating. As always, it's crucial to stay informed and adapt to the changing trends. I'll continue to share my insights and observations to help you make more informed investment decisions.
Stay tuned for more updates, and don't hesitate to reach out with any questions or topics you'd like me to cover in future posts.
Best, Michael Nauss CMT
Market is making all time highs. PYPL is still in a massive downtrends with tons of bag holders waiting for thier moment to get out. Not something that interests me at all.
I was expecting analysis on PYPL too