Crypto-Crazed Headfake
Tim Knight | Nov 09, 2022 01:55AM ET
What a nutty day. I thought it would be a total snooze-fest, thanks to the election, but crypto changed all that. Crypto crashed, dragging stocks down into the red (but all too briefly), then almost all those losses in equities were recovered, only to see it fall about halfway again. A total madhouse.
On a longer-term timescale, the bears still have hope, because that trendline failure is intact and the bulls are clearly having trouble propping up the market at these levels. Even something as irrelevant as crypto exchange quarrels is enough to push equities around.
My faith in energy bearishness is coming back to life. Crude oil pushed a little past recent highs yesterday (see circle) only to be immediately repelled. Now it’s starting to tumble nicely, and futures ended the day a full 3% lower.
As for earnings, we’re past the lion’s share of reports now, but some big companies are still trickling in. Disney (NYSE:DIS), whose stumble even a differently-gendered fairy godmother can’t reverse.
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