To no surprise at all the bloodshed in the U.S. stock market was short lived as a furious late rally pushed the S&P 500 to actually positive from the prior day.
The Turnaround that always is...
Some are more blatant then others, but it seriously is like there is an invisible hand (coughs FED) that comes in and just puts a bid under the market every time it is rolling over.
Back in late January we saw a technical breakdown only to see price to an about face the next day and the proceed to rip to new highs.
The we get this week's selloff and the late day turnaround.
I have learned not to fight it. Plus I'm too busy trading crypto anyway.
Speaking of crypto....
Bitcoin bounced off a key level around $44,900. Hoping it can hold above that and rally after two ugly red candles. A candle like the S&P 500s today would have been nice, but I'll take what I can get.
Elsewhere, the DEFI coins have been straight crazy train with the price action. Been a fun rollercoaster, just be sure to not get sick!
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The S&P 500 and all the other markets have about 4 - 5 weeks left before a correction.
Taking some profits and buying BTC.
This looks like a normal start of a year and rotation cycle.
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I hope you are right. I keep shorting it and getting my face ripped off.
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How are you shorting it??
I am shorting it by selling a credit spread with April Expiration.
I am collecting Theta everyday.
Yeah, when I looked at Coingecko today I noticed the madness in the DeFi world. RUNE went up by 50 PERCENT. The market will simply not allow that coin to go under $4 for too long!
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Yeah, its wild and I'm some glad I have a bag of it.
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There so much money in the sidelines that has no place else to good. We have people thinking they are going to be the next big short so they buy puts that actually build a base to stop drops. Laughable just go long.
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Speaking of cryptos, I've taken to often looking at these hills and valleys — which seem to be getting more and more dramatic — on a logarithmic chart instead of a linear one. Amazing how the dips fall into a less dramatic perspective!
=^..^=
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It seems like corrections can happen but they tend to be crashes. Do you expect BTC to trade somewhere far lower than 45k at some point? Some speculators on Reddit were saying institutional purchases at 48k level were too severe to allow for that at this moment. Unless they dump perhaps, but even then it is hard to say if this won't cause a frenzied bull after a bloody red week.
I just sense more optimistic anticipation than fear due to BTC's resilience after pretty significant dips. If you can call them that.
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