One stock which has been a MEAT GRINDER for the bears has been Micron.
Jack Sauce
I continue to be amazed at the destructive force of the H&S top on Jack in the Box (JACK). This thing has been hammered down to its price from the PRIOR MILLINEIUM!
That’s right: a buyer in 1999 would be looking at 0% gains, ignoring the fact inflation has actually torched the value in spite of the nominal price.
FOMC Press Conference
Crumbling Like Adobe
Human beings around the world are REJOICING that Adobe, a company mostly known for overpriced subscriptions which are virtually impossible to cancel, is getting destroyed. It is down 65% from 2021 during one of the most stupid bull markets in history, so its true value is probably 95% lower than its peak. Its lifetime trendline is broken, and even though I have no position, I am delighted to see this pig get laid waste.
New Bitcoin Target
I have stated a target for Bitcoin over the next year or two as $25,000. I’d like to backpedal on this and change that to around $35,000, not because I have faith in Bitcoin (far from it!) but simply because the chart has clarified lately. Given the fact we’re in the $70,000s right now, this adjustment matters just about zilch.
Yesterday I went long BITI in order to take advantage of Bitcoin’s projected drop. This investment has worked out well over the long course of its one-day tenure.
