Bitcoin is now up over 45% since the fork on August 1st, notably spiking this week (to a record high over $3800) as US-North Korea tensions escalated and both Fidelity (retail) and Goldman (institutional) noted investor interest in cryptocurrencies is soaring.
Fidelity announced Wednesday that it started allowing clients to view bitcoin and other cryptocurrencies on its website, a rare move for an established institution.
Blame The Russians, The Chinese, The North Koreans, and The Welsh... but not The Fed...
Overnight saw more China turmoil.. (MSCI China ETF saw its biggest drop since Brexit)
Authored by MN Gordon via EconomicPrism.com,
“Markets make opinions,” goes the old Wall Street adage. Indeed, this sounds like a nifty thing to say. But what does it really mean?
Perhaps this means that after a long period of rising stocks prices otherwise intelligent people conceive of clever explanations for why the good times will carry on. Moreover, if the market goes up for long enough, the opinions become so engrained they seek to explain why stock prices will go up forever.
The global rout resulting from tensions over the North Korean nuclear standoff continued on Friday as world stocks tumbled for the fourth day, on course for their worst week since November following a third day of escalating verbal exchanges between Trump and Kim, as European and Asian shares tumlbed, volatility spiked, and the selloff in US futures continued albeit at a more modest pace as the escalating war of words over North Korea drove investors on Friday to safe havens such as the yen, Swiss franc and gold.
The market riggers are now pulling the pin.
All market rigs end badly. And given the fact that this one has been particularly egregious, the results will be quite ugly.
You cannot pin the S&P 500, perhaps the single most important stock index in the world, for weeks and expect it to end well. This is particularly true when you’re pinning it using Risk Parity Funds and their “buy/sell” algorithms.
Those same algorithms that have mindlessly bought stocks every time the VIX gets smashed, will mindlessly SELL stocks when the VIX explodes higher.