Midday Comment: Add Bitcoin to the "Wild Moves" List.


When volatility in many different markets rises in a significant way, it's rarely a bullish development.


Today’s 11% mini-crash in Bitcoin is taking it below the “descending triangle” pattern that I touched on a few weeks ago….breaking well below its July and August lows in SIGNIFICANT way.

It is getting VERY, VERY ugly today.

We've seen SO many huge moves in several different markets recently. Bitcoin today, a 14% move in crude a week ago, the HUGE move in the Treasury market in early September, the 20%+ rally in gold over the summer and last week's "repo madness".

It is RARELY a good sign when so many different markets see this many huge moves in so many different markets...so close together. At some point, we have to stop blaming the algos and ask if something else is going on.




Matthew J. Maley

Managing Director

Chief Market Strategist

Miller Tabak + Co., LLC

Founder The Maley Report

TheMaleyReport.com

275 Grove St. Suite 2-400

Newton, MA 02466

617-663-5381

mmaley@millertabak.com


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.

Posted to The Maley Report on Sep 24, 2019 — 3:09 PM
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