S&P Rallies After Fed – Bitcoin Still Looking for Footing

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Overview:

The FOMC meeting yesterday gave a boost to stocks as the FED took a very dovish tone.  This was probably Powell’s best speech yet, and the market rallied.  However we have to pause here not because we believe the market is going to fall apart, but because it has gone so far so fast.  The faster a market moves to the upside, the quicker it moves to the down and this move has been nearly vertical.

Gold is starting to move higher, as oil looks to hesitate at an important resistance area.  Then there is Bitcoin which has just been a disappointment for many but where many are disappointed we look for opportunity.   Remember just a month ago all the analysts were talking recession and the end of the stock market rally.  They are saying the same about Bitcoin here, as VanEck delays its ETF filing.  These are now calling out a “V” shape recovery.  Remember it is not in managers best interest to tell the public what they are doing, but what they want you to hear.  So do not get discouraged about the noise that simply looks for viewers and bad news sells.

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