|Day Low/High||31.05 / 32.66|
|52 Wk Low/High||5.01 / 48.65|
While some will blame the headlines for drop in the major indexes, here's the real cause.
There are plenty of opportunities out there, but you have to be quick.
Traders are digging deep to find the next big mover.
The most important thing to keep in mind is that stock picking is still working very well.
What needs to be recognized at this point is that there is growing institutional support for bitcoin.
I'm focused on stock picking and continue to hunt for more sector plays.
Google search activity for Bitcoin still hasn't reached late-2017 levels, and retail and institutional support for Bitcoin as a store of value appears to have grown meaningfully since then.
So far, there's no major concern about politics, while wild volatility in Bitcoin suggests traders are still seeking speculative opportunities.
But don't be surprised to see some sudden drops for no apparent reason.
The headlines about a new strain of Covid in Europe is what triggered the selling.
I am starting a position in fintech Triterras as blockchain is hot in this frothy market action.
So, will folks spend the remaining weeks of the year winding down? Perhaps they don't want to press their bets?
Several positives are working together to keep the market running.
The primary problem is that there was just too much wild speculative action on Monday and Tuesday.
Bitcoin is still a market people prefer talking about rather than trading in, but the gains in 2020 are more legitimate than those in 2018.
This action tells us much more about the health and sentiment of this market than the S&P 500 which is trading flat.
Investors are focused on where the economy will be in several months, and don't seem concerned about short term weakness.
Bitcoin and other 'secondary' names move, while big retailers sell.
The good news is that there's some dip buying support and several 'hot pockets' of strong speculative action.
The biggest positive I see is a continuation of speculative trading action.
I expect the indices will jump around again soon on news about fiscal stimulus.
I'm a buyer and a continue to look for new merchandise.