Even the Bad News Bears won a few ball games that one summer way back when.
Cryptos proved for a day they can play, too- hey, we’re not so bad, are we?
Litecoin stole the show a la Tatum O’Neal with a rip-roaring 30% explosion higher. EOS also got in the act with a 15% bounce, as for a single day a flicker of light is burning bright again in the digital space.
Lots of different reasons are being pronounced for the big move – positive SEC news; an announcement about something (I’ve been in meetings all day); technical retracements.
The beauty of markets is they don’t feel compelled to give us a reason. They move when they want to. Ultimately, you’ll never know why they behave as they do. You’d have to interview all market participants & non-participants which isn’t feasible; even if it were – cue blockchain solution that interviews all actors real-time – people have no incentive to cooperate. They’ll lie, deceive, misdirect. Why would anyone disclose their secret sauce? They wouldn’t nor should they.
So whatever you read, no one knows why the market rallied. It doesn’t mean you shouldn’t seek the truth it just means you’ll never find it.
The one question I have is whether we will get a follow through. Is FOMO a pre-historic dinosaur. Will the Bad News Bears ever win it all?