During Ethereum’s big rally last month, when the price of a single coin went from $220 to just shy of $400 in the span of two weeks, one trader turned $55 million of paper wealth into more than $398 million. And nobody knows who they are, or – more importantly – who to tax.
Well that escalated quickly...
Just 4 months after its magnificently-lauded IPO - proving to every Bob, Dick, and Mary on business media that this time is different and everything's awesome - Snap has collapsed back to below its IPO price and down 42% from its post-IPO highs.
SNAP IPO'd at $17 and opened at $24, trading up to $29.44. Today it traded down to $16.95...
We are reminded of Dennis Gartman's recent epic rant against the company he calls "a time sapping hobby; a diversion."
Ignore the rout in retail, focus on FANG... and hope for some dovish cooing from Yellen...
Expectations for higher VIX uncertainty (VVIX - VIX of VIX) are at their highest relative to VIX since Dec 2006...
Gold is suffering its worst drawdown this year, and hedge funds are betting more losses are in store... but judging by the precious metals' performance the last two times hedgies piled in like this, the 'smart money' may be about to get a nasty surprise...
As Bloomberg notes, signs that global central banks, including the Federal Reserve, are moving closer to unwinding economic stimulus helped boost bearish bets on the metal to the highest in almost 18 months.
Via FinancialSense.com,
One of the world's most powerful supercomputers, retrofitted for trading the stock market, appears to be betting on a crash in the months ahead.
The Financial Crisis Observatory (FCO) at ETH Zurich released its latest Global Bubble Status Report on July 1st.