Short and to the point this morning. Seems like I’ve been in this damned chair all weekend. (I really have been…)
First remark has to do with Bitcoin – which is down to $7,225.
When you compare the “classic bubble of 1929” with the shape of the Bitcoin blow-off, it’s not very encouraging for the coiners:
Looking at this in our odd view of things, what we see is a downward trend channel that has been broken to the upside. So we see five complete waves down and the True Believers among the coiners will doubtless point to this as a sure sign the bottom is in.
We suspected as much when the break above trend happened, but Bitcoin is FAR from out of the woods. For one, it could be ready to put in a new low – and from there, it would be disaster.
Not right away, of course. There should be one more rally up to give a C wave, and then back down we can go – again.
OR, the upward march may resume.
Even so, if you are a long-term investor, you have to look at the point where Bitcoin gets seriously real. That’s when we move up to a level higher than the all-time high. That would turn the longest-term view into a massive Wave 1 up, this would be the Massive 2 down, and then Wave 3 would fulfill some of the coiner’s wet dreams.
BUT, if we get one more run up and it fails, then the bearish case builds and any new lows after that and you can get the butter and jam out: Bitcoin will be toast.
World Markets?
They are (as one would expect) mixed with the U.S. down for the holiday. With the U.S. Navy playing footsie with the large Chinese naval force in the South China Sea, we’re only perhaps days from what could be an international incident of the Archduke Ferdinand-scale….so we keep a nervous eye West.
In Europe: Italian concerns knock stocks, euro off early highs.
And, gas prices might be nearing their summer highs: Oil sinks further as OPEC and Russia look to raise output.
Except for China (up a bit we expect on muscle-flexing) the rest of the world is essentially asleep. Gold was down $3.70 earlier, but it’s still hanging in the $1,280-$1,320 range. We will try to arrange a wake-up call for you if anything moves.
Not Climate Change!
Still, the flooding this weekend in Elliott City, Maryland make for some exciting footage over on CNN.
These are the “Elliott Waves” that kill people quickly. The ones in economics are more sluggish about it.
Meanwhile, the Weather Channel and others are watching the subtropical depression roll into the Florida Panhandle.
Another Elliott point: There’s an Elliott Key off Homestead…save that for Financial Trivia night.
Obama’s Vichy Government
Still bashing: Former Obama official, liberal activists share 2014 photos from detention facility as swipe at Trump.
No UK Press Freedom
Here’s another example of why we don’t believe in kneeling to royalty.
Story begins with “Right-wing activist Tommy Robinson reportedly jailed after filming outside child grooming trial.”
But the story continues now as hundreds are protesting the anti-immigration activist’s silencing.
Outdoors or Homeless?
Clothes treated with ‘hot feet’ coating could keep ticks away.
Looking Ahead?
We expect to be inundated with reports on The Summit: The Trump-Kim Summit Appears to Be Back on Track. But the U.S. Has Lost Leverage, but that’s Time’s opinion.
Leverage in these things comes down to military power and money.
Time to go…must play now.
Moron the ‘morrow, then…
I like the new appearance for the site. It is simple and faster to read. Bravo!
Site redesign looks great! However, it won’t let me pinch/zoom on an iPad, to increase the font size for my old eyes. Please consider fixing that.
Well, hell, simple fix. I will change the viewport code to:
function et_add_viewport_meta(){
echo ‘‘;
}
And that SHOULD give you a way to zoom up to 3X
Give me an hour or two to implement…it IS a holiday, lol
On second thought – I can’t use that approach – so what I did was bumped the body text up to 18 on phones and tablets…see how that looks?
Like the new site structure. Some minor things for me to get used to but I am mainly interested in the content. Spending less on screen time and “moron” doing time.
SO, the redesign… it looks EMPTY… so much WHITE! To tell you the truth, the first thing I noticed is it looks like there are a ton more ADS. I miss your cover art, hell I still miss your brown “steam punk” stuff up at the top. No NOTHING. I’m sure you have a good reason for making your lovely blog look like EVERYTHING ELSE AND FORGETTABLE on the internet. If you refrain from changing the quality of the content, I’ll stick around… Sorry this isn’t the glowing review you were hoping for, but what exactly was the point of making the site so BORING looking???
I was forced into it, Ellen. Too many people on Phones and this is what phones seem to eat, lol…
George, I read you on an iPhone every day. It was actually easier on me to read the old site before your recent upgrade, sorry. One of the main reasons for that is it is much harder to follow in the comments section now as to who is commenting to whom due to the paragraph indentations on the sides. Still love your daily practical advice & economic take. Keep writing. (Could do without the PopUp Ads though ?)
Sorry Ellen, but I love it! I like boring, predictable, and simple to parse. I refuse to read newspapers because of the effort of finding anything. Time is too valuable to waste on gingerbread(IMHO).
Actually, I find real art to be clean and functional, like this website, or a Wankel rotary engine.
I miss the gold / silver charts, maybe a link ? Otherwise I do like the changes and have no issue with zooming in on my iPad….
See the bottom of the page! Charts at the bottom because it was render-blocking up higher. Also see new Charts page in menu7 thanks gh
Hi George. I like the upgrade. As was stated previously, I’m here for the content not artwork. Longtime reader and thank you for what you’re doing.
Folks like u steve are y I do it
Regarding butter and jam on toast: George, think of your roots! There’s nothing more dear to a real British heart than toast with butter and Marmite! Marmite is derived from the good stuff left over after the swill known as beer has been produced. It contains lots of B vitamins and minerals. It also has a most unforgettable flavor.
Just FYI, the fields for name and email for the comment box are not persistent. I have to re-enter info each time, at least on PC Firefox variants. NBD.
Reading your comments this afternoon from the Greek Isles. Ads first came up in Greek, have now switched to English. Interesting. I can enlarge the font on this Ga laxy tablet. Black on white seems kinda strange but is very readable.
Keep up the good work.
I agree with Oakie it seems easier and faster to read.
Change is good! That’s life. It’s like yesterday. I was telling everyone about Tropical Storm Alfredo. Everyone was so kind – hungry for some Fetucini Alfredo! Then, turning to the all-knowing Weather Channel, I realized it was TS Alberto. Oh, well!
You see? Brainwashing has worked. This is Hurricane VO-5!
Damn Well Done! Worth the effort.
“U.S. Navy playing footsie with the large Chinese naval force in the South China Sea, we’re only perhaps days from what could be an international incident of the Archduke Ferdinand-scale”
Does it occur to you that ‘the rest of us’ are nothing more than a herd of cattle, or a flock of geese? What makes people (generally!) feel so superior as humans when our fate is much controlled by just our leaders.
The AMP version is a cleaner read than non- AMP version but “reply” comment boxes are missing.
I put it there as a backup for mobile users. It won’t be fully activated until I cam fully monetize it.
Imagine that! Business models, eh?
I like the new format. I did have to, on occasion, increase the magnification on the font depending on how well the eyes were doing that day. Black on white does read better regardless. Excessive artwork tends to distract from what I come here for, too. I’m always interested in your electrical projects, especially the solar power ones. Your knowledge base is fantastic.
What happened to the “News Tips” link or were you using that at all?
Thanks Bill – took the news tip link down – no one was using it. Use it or lose it…
I’ve really enjoyed your Articles over the years I like the improvement that you have done for your site makes it easier for me to read as I am a senior citizen I appreciate the updating of your site
Thank you…work in progress
Monsieur,
This comment was to be in response to your linked story of the Malian immigrant rescuing a child in Paris dangling off a balcony. However I no longer see its mention on US. Woo Woo or perhaps it was never there…?
Anyhow, back to the story of the Malian in Paris by way of Niger, Libya, and Italy. If the video of the child rescue you watch lacks the caption over video frames of “Le coran je pt un cable” which may translate to “On the Quran I’m freaking out”, one would imagine that it has been edited.
The comic book Spiderman answered to J.J. Jameson.
Some really high-level geopolitical maneuvering going on between the U.S.A. and China – the ‘old game’ involving ‘who controls the seas’ – North Korea (Trump really wants that summit!) – economic considerations (I wonder if ‘first daughter’s connections with China’ will come into play?) . . .
What will happen? Who knows? Except that the result will not be obvious I wager!
The webpage was asking me to accept cookies (I Didn’t because I am paranoid). What does that mean? Is milk included?
Interesting, before my outdoors weekend, I purchased a permethrin spray at Walmart for ticks for me & the grandkids. It worked. No ticks. Fishing was great!
Good to see bitcoin dropping. I am in at $100 or so.
I will have to use the new website for a couple of weeks to evaluate. Seems nice.
Sorry George, the new layout sucks, can’t see why this would be an improvement at all
What exactly sucks (other than charts at the bottom instead of top…which I am still working on?) Looks way better on phones and thaqt’s >60% of users now
looks goo George. I liked the old one too, but this works fine.
thanks for all you do.
Well the jury is still out on Ure website changes, interesting.
One feature I find annoying is when You hit the comment section, You’re taken to the very bottom of the page.
And when there are 32 comment, as in the Bitcoin article a couple of days ago,
you wind up at the bottom of the pages and have to scroll back up to the top of the comments,,,
Did I miss something, like to start at the top and work down as it was before the recent changes.
Running on an I-mac if that helps.
No worries, I totally enjoy reading Your sharp wit and take on things.
Rome wasn’t built in a day, I’m sure it will work itself out
To help on this, I THINK I just installed a “top of page” whizzy