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I went through the 81 futures and commodity charts I follow and plucked out a few I found of special interest. First is Bitcoin, which smashed down to support at $60,000 and is trying to recover now. I don’t think it’s going to manage to get much past $70,000, if that, before resuming its tumble down to my $40,000 target.
To open this topic, I’ll begin with something I heard Bill Cosby say back in 1983 when I watched him on his comedy special (this was Bill Cosby before – – – you know – – all the other stuff, back when I knew him merely as the fun guy who made Fat Albert and the Cosby Kids).
With SpaceX having a terrific first day, one would assume all the other rocket and satellite companies would be hitting new highs. Nope. Most of them fell by double-digit percentages. Let me put it this way: if SPCX starts to weaken during its first real trading week, you can expect this entire sector to go to the doghouse.
Not to put too fine a point on it, but the index charts below are just BEGGING for a smackdown. Getting past the SPCX IPO clears the field. The main wild card now is the Iran war. The best news for the bears would be for the damned thing to get settled. In any case, take a good, hard look at these:
