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4/19/22 Russia Update, Bitcoin Bounce

News:

Russia’s war in Ukraine is almost two months old. And Russian forces have been unable to take control of the capital Kyiv.

Reports from inside Ukraine suggest that the invading force has turned its attention to the east and is focusing its efforts on a region called Donbas.

Since the war began Russia has suffered a high loss of life, equipment, and 200,000 domestic jobs.

Energy remains the hottest sector as investors pour money into coal and oil stocks. Sanctions and uncertainty have kept oil well above $100 per barrel.

Yesterday’s most notable bull was bitcoin^. After breaking down below for $40,000 it snapped back and regained support inside the channel I’ve drawn on the chart below.

Bitcoin/USD Daily Candles – Chart via BarChart

Technicals:

Bitcoin’s rally shows me that the bulls aren’t giving up.

The market closed basically flat yesterday and the VIX remained below 25.

This morning futures slipped from green to red but have been unable to sink much lower than flat.

The put-to-call ratio is just barely oversold.

While I’m trying to poke holes in my bullish outlook the theory remains intact for now.

Timing:

Earnings season is in full swing.

Click here to see yesterday’s post with the most anticipated earnings calls each day.

Tax season is now behind us. Summer trading is ahead.

We have just under two full weeks of trading left in April which historically has been the best month of the year.

All things considered, I remain bullish and risk off.

Watchlist:

*Low Float
^Open Position

*IPI has support at $110
*AMR is on watch
TRVI has support at $3
HNRG has support at $5.25
CASA is on watch
AMPY has support at $6.50
CEIX is on watch
SGML has support at $15
ATER has resistance at $6.50
^VERU key level is $14
OBE has support at $9.50
^BORR has support at $4.50
GOGO has resistance at $23.50
^LXU has support at $24
BTU is on watch
^NAT has support at $2.50, resistance at $2.90
CXW is on watch
^TWTR has support at $45

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