A technician's rule to remember with Bitcoin: "Every time a support level is tested it becomes weaker." That would mean support for $30,000 may soon fail.
We are experiencing the end game of the great debt super cycle. As the private sector has become increasingly over-levered, the baton is being passed to the public sector where resources are so strained that the printing press has become the last resort.
Fed minutes much more hawkish than I'd expected. #Fed seems intent on raising rates and shrinking the balance sheet simultaneously. Clearly the recipe for a financial accident.
Bitcoin's parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.
Since 1960, P/Es have trended lower when #inflation is higher. With YoY core PCE now at 4.6% and S&P500 trading at ~19x, we should see stocks fall another 20% by mid-October…if historical seasonals mean anything.
