Critical information for the U.S. trading day
Who will blame the investor who’s ready to slam the door on August?
As the month draws to an end, North Korea and the Texas floods have been the rattle in an empty can. Though investors have shown a tiny bit of resilience this week, if you can call a 0.1% gain a stiff-upper-lip reaction. No, bring on September and the promise of more volume and traders streaming back in from their Hampton vakes.
But as we roll into the cruelest month for stocks, it’s a good idea not to drop your guard. That’s because North Korea, Harvey’s fallout or the deadline for raising the U.S. debt ceiling can still come back to haunt this market, warns IronFX Global’s Charalambos Pissouros.
I think this disaster is going to impact Texas and the US much more than many are estimating at the moment. Houston is a huge economy. pic.twitter.com/P5dJVrSlNI
— Randy Frederick (@RandyAFrederick) August 30, 2017
Some investors did use Pyongyang’s missile launch as a chance to drop into the hot asset du jour/an — bitcoin BTCUSD, +0.88% , that is. And that brings us to our chart of the day from Bespoke Premium. It lays out how the cryptocurrency’s rise stacks up against that of assets that eventually bubbled.
The chart shows how technology and home builder stocks traded in the days leading up to their bubbles. And in that light, if bitcoin was going to pop, the runup has been far more dramatic.
“The point was we don’t know if it’s a bubble or not, but we know how past bubbles look. And this is a comparison of bitcoin versus past bubbles,” said Justin Walters, co-founder of Bespoke, in an…Read More