Just a few quick observations before I head into the office today…
It needs a weekly close on volume above $1860-$1865 range to move back into a bullish phase. As of this posting at 6 a.m. it doesn’t look good but the day is young and Brandon has time to screw things up internationally.
Also needs a weekly close higher on volume preferably above $26 but above $25 will put it into the range to move higher. Iffy as of this morning at best.
Crypto, aka Bitcoin and Ethereum:
Both have had solid weeks so if they can survive this weekend without rolling over and falling off the cliff, they should continue to be excellent short to intermediate term inflation hedges.
I just heard the funniest joke; that equities were a “great hedge against inflation” per one of the babbling bullshitters on Bloomberg. Even Jimmy Carter laughed at that one. It’s time to start taking profits in my opinion because peak instability begins after Thanksgiving and into February 2022. It is highly unlikely that any kind of sane debt ceiling deal will be struck before December 24th.