8/30/23 Bitcoin is Back


Markets logged another day of buying on Tuesday. 

Risk-on assets performed especially well as a U.S. Court dealt a blow to the SEC and paved the way for a Bitcoin^ ETF.

From Getty Images
  • The price of Bitcoin has surged about 7% since the ruling
  • Crypto-related stocks outperformed during Tuesday’s session

The whole market enjoyed a broad rally. The indexes all closed the day with sharp gains.

  • Dow Jones +0.9%
  • Nasdaq +1.7% 
  • S&P 500 +1.5%
  • Russell 2000 +1.4%

Sector Round Up

All of the 11 sectors ended the session in positive territory. Once again, risk-on stock led.

At the top…

  • Consumer Discretionary (XLY) +2.5%
  • Communications (XLC) +2.2%
  • Technology (XLK) +2.0%

Risk-off stocks were at the bottom…

  • Utilities (XLU) +0.4%%
  • Consumer Staples (XLP) +0.4%
  • Energy (XLE) +0.3%

The groupings above are exactly what bullish investors want to see … High-risk stocks delivering big rewards and low-risk stocks delivering small rewards.


The S&P 500, one of the best measure of the broader market, is pointing higher.

SPY Daily Candle – Chart by thinkorswim

Yesterday’s rally alleviated oversold conditions and completed a local breakout. A look at the one-year chart makes the August selling look insignificant.

Our outlook remains bullish, but we’re not ready to start buying yet.

Your latest readout…


Legendary investor Warren Buffett turns 93 years old today.

  • Buffett became a billionaire at the age of 56
  • His current net worth is about $120 billion
  • The ideal holding time for a stock, according to Buffett, is forever

Watch your inbox for your complete September guide tomorrow morning. It’s not a bullish month.


*Low Float
^Open Position

*HOLO support at $8
*TSAT support at $18
GRPN support at $12
PFIE support at $2.40
REKR support at $3.50
ESTE support at $19
TIGR support at $4.50

Secondary watchlist—float 100+ million

MREO support at $1.40
TSHA on watch
PGEN support at $1.75

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