If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Friday, December 22, 2017

Daily update 12/22 The Hottest, Largest-Ever Cryptocurrency ICO Mindblower

More consolidation.

Less action today as the rotation winds down.  Breadth was dead even.  New highs slipped way down to 128.  New lows dropped a bit to 24.  Next week starts the famed Santa rally.

The futures finally touched the 20 SMA.  Nice setup for Santa rally next week.

I am sure everybody is positioned for next year.  Most money managers will be on vacation.  Since there has been almost no selling pressure all year it seems unlikely it will start now.  That should leave the market free to float up a little bit next week. 

I saw that a Chinese newspaper said the PBOC does not expect to raise rates next year.  That suggests the Chinese government does not expect their economy to have an inflation problem or otherwise over heat in 2018.  Interesting in that many other countries are tightening or thinking about tightening.  With synchronized global growth being all the rage how would China already know they will not need to raise rates?

Here is something to think about this long weekend.  When speculation overcomes reason bull market tops are near.  The Hottest, Largest-Ever Cryptocurrency ICO Mindblower

Get this on this EOS ICO:

Block.one, a software startup registered in the Cayman Islands and lacking a central office, has accomplished an astounding feat: So far, it has extracted $700 million in real money from the global public by selling tokens, called EOS, in an initial coin offering. It is by far the largest ICO ever.

The purchase agreement that buyers in the ICO must sign states this very clearly and explicitly:

The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities and features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities and features on the EOS Platform.

People paid $700 million for literally nothing.  Look at that last paragraph again if you did not get that.  If this is not a mania/bubble what is it?  This is clearly nothing but a scam and yet people bought it.  Snake oil anyone?

For those that celebrate Christmas.

For everybody else.

Merry Christmas/Happy Holidays and have a great weekend.


No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.