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The Market Enjoys a Bitcoin and Pot Party

3 weeks ago
in Market
2 min read
The Market Enjoys a Bitcoin and Pot Party
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For the sixth straight day, the Dow, S&P 500, and Russell 2000 hit new all-time highs, but once again, the indexes failed to reflect the real level of strength under the surface.

Breadth was superb at around four to one positive, and new 12-month highs jumped to over 1,500 names, but it was strength in bitcoin and related stocks, and the cannabis sector, that really lit things up.

Bitcoin jumped sharply on news that Tesla (TSLA) was converting $1.5 billion into the cryptocurrency. That is the sort of legitimacy that many Bitcoin “holders” have been waiting for. They drove the Grayscale Bitcoin Trust  (GBTC) up all day, and it finished at its highs, as did several bitcoin mining plays like Marathon Patent Group Inc. (MARA) , Bit Digital Inc. (BTBT) , and Green Oasis Environmental (GRNQ) .

The cannabis sector was not quite as hot, but hope that legislation is coming soon is keeping a strong bid under the sector. This sort of speculative action is spilling over to many other small caps. I have a full page of names that jumped more than 25% just today.

This sort of momentum can’t last forever, but it can last longer than seems reasonable. The key is to focus on the hot sectors. It was a bitcoin and pot party today, and when there is that much strength, it will drag along some other speculative stocks as well.

The erudite market timers are working overtime to tell us all the problems this market is overlooking. However, the opportunities for profits are still there, and that will remain my focus until they disappear.

Have a good evening. I’ll see you tomorrow.

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Tags: Bitcoinbitcoin news todayEnjoysfinancialheadlinesinvestingInvestmentsJames "Rev Shark" DePorreMarketNewsPartyPotquotesStockTheStreetTradingTSLA

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