Fed Chair Powell announce the bond purchases of $120 billion per month would start to slow this month. November and December bond purchases will drop by $15 billion each month. If that pace continues all their bond-buying would end by the middle of next year.
Cutting the flow of cash to the market is bullish. It means the Fed believes the market can stand on its own again.
Had the Fed kept the money printer running at full steam that would’ve been bullish, cause the stimulus would support the market.
After the announcement markets spiked. The Russell 2000 led the way again, gaining about 1.8%. It and the other indexes all closed at record high levels.
Crypto is remaining bullish overall … but useful projects are separating from memes. Take a look at Elrond (EGLD) which is up 25% in the past week. Compared to Shiba Inu (SHIB) which is down 30% at the same time.
Bitcoin is still in consolidation about $60,000.
I remain extremely bullish and risk on.
So far I’ve not day traded much. I’m eyeing opportunities for short turn swing trades. I share these trades on my Twitter stream … Please follow me!
*CNEY has support at $11
*XRTX is on watch
*PETZ has support at $4
IO has resistance at $2.65
CLSK has resistance at $22
AQST has resistance at $6
TCS has resistance at $14
IFRX has resistance at $5
LQDA has support at $4
KPTI has resistance at $8
KULR has resistance at $3.25
MDXG has support at $8
HUT is on watch
UUUU has support at $9
CERS has support at $7
HIVE has resistance at $4.40
CCO has support at $3.20
OTC, no levels:
AABB, INND, LIACF, APHLF, DEFTF, BBKCF, ILUS, HYSR, IPIX