Calling tops or bottoms is impossible, but traders can learn a lot about speculative action by following the wild moves in cryptocurrencies.
The market's big problem is that the giant wave of liquidity that supported this market over the past year has dried up.
Do you know any business leaders? None of them are going to like the idea of higher corporate taxes. None of them.
Watch for rotational action out of value names to intensify.
You dump the Nasdaq, crypto and non-fungible tokens, and move into industrials and mineral stocks.
This poor market has been even more dangerous due to failed bounces.
I'm not even remotely tempted to buy the dip at these levels.
Plus, Elon Musk stirs the pot again in the cryptocurrency universe.
If bitcoin really is the currency of the future, then why is it that one man's opinion can cause it to crash?
Much of the market has been correcting for months, and now the big-cap names are finally catching up to the downside.