Fed Chair Powell finally admitted inflation is a problem on his radar and it’s not just “transitory.” Yesterday Powell told the Senate Banking Committee, “It’s probably a good time to retire that word.”
Thanks for joining the rest of the country … 6 months too late.
The expectation now is that the bond purchasing (money printer) taper could come faster than initially announced. This news may cause short-term selling but in the long run, I believe, it will have little to no impact. The end bond purchasing was already priced in. Stopping two months won’t have a huge impact.
But as I said yesterday the market is extremely sensitive to the news cycle. So expect knee-jerk reactions to everything.
It’s the first day of the last month of the year. Typically this is an extremely bullish time for the markets. And the 12 first days of the month account for 1/3 of all gains over the past 70+ years.
Futures are up this morning as volatility remains high. The VIX put in a double top yesterday. It’s possible that we found the bottom already … We’re approaching an oversold level but we’re not there yet. I’m still holding and watching my hedge closely.
Bitcoin is looking bullish it chops around the 50-day moving average. I still believe there could be another huge leg up before the end of the year … But time is running out.
Stay safe and protect your account. You can’t lose what you don’t risk.
*PPSI has resistance at $10
*CPIX is on watch
*APRN has support at $10.50
*YQ might be turning (I’m buying today)
CARS has support at $16
OP is on watch
MCRB has support at $10
MEIP has resistance at $3.40
BLFE (OTC Stock, no level)