
When Your Bitcoin Miner Drops 80%

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One of the most interesting things that has happened over the past eight trading days has been the explosive move higher by the high-yield funds which, until May 18th, had been getting absolutely brutalized. Their exhaustion and descent from these zones, should it transpire, will be an important signal that the counter-trend bounce has stopped.

Investors have been rampaging back into some of the most ravaged issues in recent days. One I’d like to point out is the fund HYG, which is the high-yield corporate bond ETF (in other words, a way to earn 2% interest while seeing 10% of your capital destroyed). Anyway, it’s getting tantalizing close to major resistance. I’m going to wait another day, but it’s worth a blip on your radar screen.

