Broadcom (AVGO) just reported earnings and dropped 15%. Semiconductors are finally cracking. Bitcoin (BTC.X) is at $61,000, cut in half from its October peak. Tim Knight has had a front-row seat to all of it.
He calls the Bitcoin short his best call of the year — down $22,000 since he first started tracking the pattern. Head and shoulders top, Fibonacci targets playing out, BITI and SBIT both running hard. He's completely out of the short now and waiting for a bounce to $71-72K to reenter.
On semiconductors: Tim missed SOXS last night, selling at a small loss before it opened up 16% on Broadcom's collapse. He covered the CrowdStrike (CRWD) short today and is watching for a gap fill to get back in. Micron (MU) down 5%, AMD down 3%, Nvidia (NVDA) holding its support rectangle. The SMH broke its trend line — support is now resistance.
SpaceX IPO is six days away. Jobs report tomorrow.
Chapters
0:08 Dow at Lifetime Highs
2:04 SOXS Mistake: Sold Too Early
2:44 Broadcom Down 15% Post-Earnings
3:47 CrowdStrike Short Covered
6:49 SMH Trend Line Break
8:29 Semiconductor Shorts: Micron and AMD
9:10 Nvidia Support Holding
9:31 Bitcoin: Best Call of the Year
11:05 BITI and SBIT Setting Up
12:20 STRC Breaks Uptrend
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