Bitcoin – Stocks – $ – Metal – Our weekly video is out!
Good Morning from CFT (our video is out!),
Not much has changed since our update last week. Bitcoin did rally up to the $41,000 level, has come under pressure now because of the FED talk, and the U.S. stock market is backing up a little bit in the Dow Jones type stocks.
We’re currently at $37,170.
Some interesting things, Paul Tudor Jones says 5% allocation to Bitcoin, and also State Street Bank is entering into the Crypto markets in a big way. So do not do what the normal retail crowd does, buy the highs, sell the lows……Markets down here, sentiments bad, this is when you want to get involved in the Crypto markets. So if you have been on the sidelines wondering about our Crypto services, now is a great time to jump in and take advantage of what we think will be higher prices in the intermediate to longer-term.
On the U.S. stock market,
we usually show the SPY on the markets here. Let’s change this chart so we can see it better. We had given a buy on June 3rd, and on the SPY, we are really back to those same levels, but 90% of our trades are in the QQQ. You can see hereafter picking the low on the 3rd, Nasdaq stocks are still strongly higher, we are down some today, but we are still long all of our stock positions and have had good gains.
On the U.S. dollar,
we had said we were flat, we did have a big rally here the last few days after the FED meeting, but that has brought some major selling into the precious metals markets where we are still short.
We expect still lower in the precious metals. Stocks we still expect higher, and Bitcoin we expect maybe still sideways here but ultimately higher and a great time to enter the markets.
Have a good weekend! Thank You
CFT Team