No, this is not a Blog about Michael Jackson…..
You would have to be living under a Pile of Stones to not have noticed that Bitcoin and other ‘CryptoCurrencies’ are attracting huge excitement and frenetic activity in recent Weeks/Months - to my mind this is a classic Bubble and it is only a matter of time before we hear the ‘Pop‘. One of the best and simplest pieces of evidence came about from my mate @Conkers3 on the Tweets who was up at a London Underground Station the other day and some geezer shoved a paper Flier into his mitt saying “Buy Bitcoins from us and be a gazillionaire !!” or similar wording to suck in the gullible punters.
And since writing the above paragraph I have heard from a mate who got scammed when buying some Bitcoins (the real Money was handed over and the Bitcoins that appeared to be in their ownership did not exist); and just last week a mate who doesn’t do much on Stocks or anything was asking me what I thought of Bitcoin. It is classic Bubble stuff.
I am out all day tomorrow and will probably get home late so I won’t have time to look at the Charts - so I am going for the Saturday Night Chart Fever instead. Time is tight so I will go straight into things - although a couple of factors to watch are the rising Bond Yields on Sovereign Debt and everyone seems to think the Quid will fall more which is probably the best indication you will get that it is going to rise !!
Quite an exciting Week just gone with the Pound ‘Flash Crash’ and a disappointingly low Non Farm Payrolls Jobs Number on Friday. If you read my Charts Blog from last week, you may remember comments about October having a reputation for volatility - with Gold and the Pound making some dramatic moves I wonder if such an affliction will hit Stock Indexes over the next few weeks. With the US Presidential Race ongoing, it is hard to see the US Indexes making much headway to the upside before the Result is known - although clearly Clinton looks pretty well placed after the shocking comments by Trump recorded 10 years ago when meeting a soap opera starlet.
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