Commentary: Paul Ebeling on Wall Street

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“The sentiment says, there is no Bubble in this market, and Bitcoin is the future despite billionaire haters”–Paul Ebeling

Last Week

Stocks were mixed Friday following the release of the Labor Department’s August NFPs, though up on the week.

Bitcoin (BTC-USD) breached $50,000 for the second time in 2 wks, extending a rally that put the May selloff in the rear-view mirror.

With a majority of decentralized finance and non-fungible token (NFT) trading happening on the Ethereum (ETH-USD) blockchain, the 2nd largest cryptocurrency by market capitalization rose by a 3rd from $2,700 to $3,900, a growth rate 17% higher than BTC.

The technicals

Over the Key technicals on the us major stock market indexes are Bullish with a Very Bullish Bias.

This week

Mr. Biden will make his choice this week on whether to renominate Fed Chairman Powell to a 2nd term

El Salvador’s Bitcoin law takes effect, making the virtual currency legal tender Tuesday

Dallas Fed President Kaplan holds a virtual town hall discussion Wednesday

ECB President Christine Lagarde holds a press conference after the bank’s rate decision Thursday

China PPI, CPI, new yuan loans, money supply, aggregate financing come Thursday

Have a prosperous week, Keep the Faith!

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