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5/13/2021 11:19:50 AM GMT
CPI spikes higher than expected, Some investors run for the exits.
We get PPI today – What will that reveal?
Lonnie Musk causes confusion in Bitcoin sending it reeling down 15%.
And that takes all of the other crypto’s with it…
Oil falls as the Colonial Pipeline comes back on line – shortages remain.
Markets are angry – Try the Arrabiatta Sauce.
So, by now you heard – Stocks fell hard yesterday and appear to be falling again this morning…. while Lonnie Musk announces that Tesla will no longer be taking Bitcoin as payment for his cars – citing environmental concerns over how Bitcoin is mined and supported….and after that announcement Bitcoin lost 15% of its value – expect more people to opine on this development……
Index Charts See Further Weakening NYSE cumulative breadth deteriorates.
May 12, 2021 | 10:25 AM EDT
All the major equity indices closed lower Tuesday with negative internals on the NYSE while the Nasdaq had negative breadth but positive up/down volume.
The charts saw violations of uptrends with some bearish stochastic crossovers added into the mix. However, in our view, the Nasdaq 100 and Nasdaq Composite suffered less damage with some large-cap growth names closing higher on the day. Whether this proves to be a potential rotation out of what we see as extended recovery names back into growth has yet to be clarified. Cumulative market breadth deteriorated as well.