Remaining Bulls Congregate In Cryptocurrencies

Last Friday, the NASDAQ, along with a number of senior technology stocks, staged a significant bearish reversal, rallying to a new all-time high before selling off and finishing the day with a 1.2% loss. The Dow and S&P fell a more moderate 0.2% and 0.6% respectively. US index futures have been quietly drifting downward overnight and are currently down 0.4%-0.6%.

The new trading week has started with follow-through selling in overseas markets. Tokyo lost 2.21%, while Sydney dropped 1.8% in Asia Pacific trading. Hong Kong managed a 1.4% rally as it continues to rebound from a previous big selloff. In Europe this morning, the Dax is down 0.6% and the FTSE is down 0.5%.

The one major market where bulls continue to be active is cryptocurrencies. Bitcoin is up 3.1% and trading at a record high approaching $72.000, while Ethereum is up 3.4%. Gold is flat this morning, trading near $2,180/oz. In commodity action, Copper is up 0.6%, Platinum is up 1.8%, US Crude Oil is down 0.6% and Natural Gas is down 1.1%.

Treasury yields are holding steady entering a quiet week for business news in between last week’s Bank of Canada meeting and next week’s Fed meeting. Earnings season is over and the only notable report this week is Oracle after the close today. Headline economic numbers include US Consumer Prices tomorrow, followed by US Retail Sales and Producer Prices on Thursday.

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