Morning futures are looking up, with the Nasdaq leading the bunch. Oil and natural gas are both up. Treasury yields are up. Bitcoin is sitting at 39K.
The market is starting the week with a positive attitude. This week's economic calendar shows retail numbers for tomorrow, the Produce Price index, and some other interesting data like business inventory, capacity utilization, and production. All this data will help investors to see if the underlying economic activity supports the boom. I think we will be looking at a generally positive message, but it will not be enough for some.
Bitcoin is gaining after catching a little bit of a beating last week, it is now up for the week but still down 20% for the month. Elon Musk has said he will accept Bitcoin as payment for Tesla again if he receives confirmation of a "greener" way to mine crypto. The asset is well above its lows and long-term investors are still up. Crypto has a loyal following from which many are just now learning about dollar cost averaging and living with market downturns, something stock market investors have lived with since the dawn of industry. The asset could break out but it seems that there is some manipulation by very big money to keep the investors in a pattern to cash out on short-term spikes. Many have adopted a long-term strategy with crypto now, while many traded it frequently in the past because of its volatility, I believe this selloff has created a whole generation of HODLers 💎🙌 that are dedicated to the long-term value of crypto.
Today, I will be watching if the market continues its way up, can we reach new highs again? Will the upcoming economic data scare the market to cool off? Is Bitcoin done dropping and ready to break out to the $50k's again? Stay tuned.
Thanks for reading,
The Punkrock Capitalist
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