The following are posts from the 6/8 and the 5/26 premarkets. I waited for Bitcoin to break out in May of 2017 and that is when MGTI and then other cryptostocks were recommended. I have been long OSTK since 10/25 (video) and RIOT is more of a trade. MGTI was .80 when we first recommended it and it blasted it’s way to $8. I have traded it several times. So are you afraid of BTC, or are you making money in it?
So another day and the stock market is barely moving. There are some days when there is some movement, but a 1% – yes 1% move in stocks and everyone involved goes wild with the excitement. And then back in no volatility mode, until the next “government-focused” headline. Virtually everything which moves markets now has something to do with government or central banking. Meaning the markets are basically socialists. Or the power/greed/control of governments have turned markets into their little socialist utopias. It’s disgusting what has happened. And what has allowed them to accomplish this feat? The 35 year bond bull market. That has ended. Governments believe they are omnipotent, they’re going to discover they aren’t. But for participants in the big markets, their performance now “requires” leverage. It’s very concerning. And the the market to watch closely is junk bonds. That’s helping to hold things together.
From a few weeks ago and also yesterday, MGTI and their new focus on bitcoin mining – article. The bitcoin angle will grab people, and the long term chart has selling climaxes/SOSes. But it has also had technical damage, and it’s a short-term trader for me (for now). And it’s back into resistance. I’m out and watching for the next setup. And keeping in mind the bitcoin chart itself, which has its own issues (for now).
COOL talked about several times as a solid chart, and is a good trader, with more good news today.
I’m watching the 5 stocks from the winners video posted 2 hours ago – reactions and volatility is the key. They had big moves, so right now, it’s just watching.
DRWI is still running on fumes, and into resistance. That could be a mini-pump and dump in the works.
Gold is setting new highs this morning, but the problem is it is at that 1265 resistance. It’s taking the lead, and my continued view of a favorable time period thru May – with a shot at 1295. So it’s contrarian, but it’s fine to see gold leading and pulling the others up with it. Crude oil was talked about yesterday and it’s setting more new recent lows. Trading below 48 could set up a bounce for the shares, but the longer term opportunity is likely a ways away. The SPY set more new highs, and we still have the stock market bubble crowd with their warnings, same as the last several years,. That is supportive. But there is still the issue of the Transports, banks, and the Russell Index all lagging. That is a good scenario for trades on both sides of the market.
AAU has been a relative strength miner, to keep in mind for the next bigger bottom in miners.
IMMU mentioned several times is continuing to rally – with that huge 15 year accumulation area.
MGTI has become a play on bitcoin. I’ll be watching the selling reactions.
More retailers moving today. COST and DECK.
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