Commentary: Paul Ebeling on Wall Street
$DIA $QQQ $RUT $SPY $SPX $SOX $VXX
“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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