Bull Market, here you are again....
I will take you through all the latest financial news and there are a lot today which influcenced Cryptocurrencies Market !
Investor's Schizophrenia?
78% Of Investing Professionals believe stocks are overvalued but they flood back in the market anyway !
This is quite worrying as when you run after the market moves you usually get both moves in the wrong direction.
OpenTable Bookings are going back to strongly negative territory follwing worries about a 2nd wave
This is a story that did not get a lot of attention but people seem quite unwilling to go to restaurants/bars as much as before as they are scared of the raising number of cases happening in some states (California, Texas, Florida...)
Industrial Production in the US was once again quite worse than expected. Bad news? Ignore !
Retail Sales
To be completely honest; neither I or market participants expected US Retail Sales to come back so strongly in May. I still have issues understanding it but oh well; Americans seem quite confident 🙂
After April's retail sales rout, spending in May was expected to rebound strongly as various parts of the economy reopened (admittedly slowly) with BofA's real-time credit-card tracker suggesting strength in airlines, restaurants, and furniture stores.
A cheap steroid dramatically reduced coronavirus deaths in a 'major breakthrough' trial
The cheap, widely available steroid dexamethasone has been found to help treat some people who are sick with a coronavirus infection.
A major clinical trial in the UK found that the drug reduced deaths by one-third for patients on ventilators and by about 20% for those who got supplemental oxygen.
Well, so this drug would reduce mortality of people under ventilation assistance by 20%. Not the perfect cure but it is an improvement to have something which seems to work !
As a doctor said it:
"It's the only drug so far shown to reduce mortality...and it reduces it significantly."
Market and Cryptocurrencies ARE correlated. Period.
As I wrote in an article a few days back COVID19 is back ! And it will crash both Cryptocurrencies & Stock Market 😭 ; I was expecting the increasing number of daily COVID19 cases to crash the market.
Well, it happened on Monday morning BUT I forgot that the FED could print even more money to buy Corporate Debt and I definitely did not anticipate neither Trump's new infrastructure plan, the very good Retail Sales and the positive drug study results.
What is more worrying to me is the COMPLETE disconnect between Stocks/Bonds/Financial Markets and the current state of the economy. This can go on for a LONG time but it always end quite badly...
The strong bounce has been a little hit by latest COVID19 news:
- Beijing closing schools
- 10 neighborhoods in Beijing under lockdowns
- Texas Healthcare system under strong pressure
- California, Texas, Nevada, Florida are experiencing a strong increase in new cases
** To conclude, I expect Cryptocurrencies to follow the upcoming crash of financial markets, at least for a short period of time until I hope BTC will lead the way to a decoupling.**
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