Bad news is good news, right? NO, NO NO. That was pre-summer. Welcome to the post-summer season. A hurricane is brewing for the financial markets.
So what's coming after this summer is over? I fully expect there will be a sharp stock market selloff (yup, sticking to it). When you realize you should get short.....it's too late.
Interest rates are still moving higher (as predicted here), inflation is staying stubbornly high (as predicted here) and cracks are appearing in the economy (as predicted here).
Bill Taylor is taking a well-deserved vacation this week and will return to publication the week of 8/21. In the meantime, you can check out all his prior reports here
IT'S SUMMER. IT'S AUGUST. IT'S THE TIME FOR "DO NOTHING" MARKETS. BTC & ETH dropped slightly on the week (Tue-Tue), gold dropped, too and the S&P 500 was virtually unchanged (Tue-Tue). Let's hit the beach.
Have you noticed (i have) there are now multiple ways to gauge inflation. Confuse investors like a magician so they ignore the obvious. No matter what, it’s getting more expensive to live.
Markets do crazy things. Bitcoin $68k. Japan's stock market went straight up (literally) to almost 40k in 1989. The dotcom bubble. The S&P is in steroid bubble land. Be careful.
Wednesday (7/12) brings the CPI (consumer price index) and Thursday the PPI (producer price index). Then, when nothing happens, the waiting game for the July Fed decision on interest rates begins. There ya go.
It happened. Again. First Bitcoin exceeded the price of gold (2017) and now.......ETH is firmly above the shiny metal's price. It's right in front of you; gold has been replaced by the digital asset twins.
Breaking the calm of summer with some HUGE crypto news on a BTC ETF & it looks like ETH will be exceeding the price of gold very soon, too. BTC did it back in 2016/2017 & now ETH. Gold is so last 5,000 years ago.