News:
Yesterday inflation data come in hot. Hotter than expected.
Markets gapped down, but rallied and turned green by mid-morning. Then a Fed member came out in favor of a full 1 point rate hike. And markets tanked.
Futures are gapping down this morning too as the market tries to find its footing…
This weekend is Super Bowl LVI. Several cryptocurrency exchanges have bought airtime during the game.
Some are comparing this to the dot-com bubble. But if you look at the companies that bought airtime in 2000, few shut down. Most were acquired or still exist in some way.
I’m bullish on crypto still. Ignore the headlines the facts support crypto right now.
My official stance on Bitcoin can be found here.
Technicals:
Indicators are neutral still. The market is free to move in the path of least resistance … whatever that is.
Timing:
The next big items are a month away.
We will get a new CPI reading on March 10. Then the FOMC is on March 15 & 16.
I’m keeping an eye on the market until then. But may have to wait this craziness out. I don’t see an advantage for the bulls or the bears today.
Watchlist:
*CORZ has resistance at $11
*SLGY has support at $6
SBEV has support at $5
APTS has support at $19
THC has support at $83
PFGC is on watch