The Stock Market Crashing? Bitcoin Down Again.What To Watch For Today!

The market is taking a heavy breather from its recent highs. The Dow and S&P 500 are dropping viciously in pre-market trading. Bitcoin is sitting around $32k losing around 6% from yesterday.

The European central bank will move its inflation target up to 2% or higher if needed. This is setting the EU up for another round of stimulus, just wait. The reopening trade is clearly under pressure with the cruise line stocks down big premarket. I think travel and leisure are still a buy and a general selloff could be just the opportunity needed to stock up on some Casinos like Wynn Resorts (Wynn) and Las Vegas Sands (LVS). A few days ago when the market was at record highs I reiterated the importance of a cash position of at least 10% for exactly these situations... Called it. US 10 years treasuries fall to the lowest since February which is bad, we have negative yields on some bonds. This is rightfully worrying the market.

But don't forget earnings season is around the corner and the sentiment can turn 180 degrees. Panic selling is not a strategy, but taking profit when conditions are calm is. If you're up on something you were shaky about then now is the time to still take some off the top, the market just closed at record highs so everyone should be up.

Thank you very much,

The Punkrock Capitalist