The title for the weekly Market Update comes from a Tweet from Todd Harrison. The update also includes the following;
Gold hit an air pocket on Friday after a widely reported sale of futures that had a notional value of $4 billion. This equates to about 10% of average daily volume in one trade. Although we found nothing to support this, our first inclination is to think we might subsequently hear it was a fat finger situation, a trade error. Bitcoin also hit an air pocket on Friday dropping more than 7% at its low, continue to fall over the weekend. Zerohedge blamed comments from Dennis Gartman as being the catalyst for the drop. Maybe the 25% increase the week before might have contributed to some over exuberance leaving it ripe for some sort of decline or correction. The Wall Street Journal posited that Bitcoin might be the Most Dramatic Bubble Ever. Take it easy everyone. As we said a couple of weeks ago, at $200 billion for all the cryptocurrencies it is still just a tiny fraction of the size of the internet bubble. For some perspective, here’s a link from November 2000 headlining a $1.7 trillion decline in market cap for the dot coms and that was only a few months after the peak, there was still a long way to go.
Please click through to read the entire update.
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Prescott Fire Engine 731 with a fisheye app