Stocks declined today, but it seemed to be fairly orderly selling.
This makes me wonder if this is a real adjustment to risk, or just the usual pre-option expiration wash and rinse.
Well, we will see in a day or two.
Gold and silver were hit hard.
VIX rose but in a very 'orderly' manner.
Bitcoin (BTC.X) held steady, but if you look at a longer-term chart below, it is essentially flat-lining.
This is not constructive for crypto creatures like Micro-Strategy (MSTR), which require a steadily rising price of Bitcoin to keep the machine running.
And as you can see in the first chart below, MSTR seems to be using share issuance to pay the dividends and the bills. And it is not adding to its Bitcoin inventory.
Absent some change, this looks like a death spiral.
Speaking of spirals, although I do not comment or chart them here, I always keep an eye on the currency and the interest rates of Treasuries. And the rates on longer-term debt in a number of countries, including the US, are flashing warning signs.
As Carl Quintanilla quoted on X today:
"You are on a bus called the 30-year bond and there is a cliff coming, but you don’t know if it is 100 meters away or 100 miles away,” he said. “You are hoping you can get off the bus before it crashes.”
The situation in Hormuz is fairly ugly, and distracting from the other ugly situation in Ukraine.
Europe has boxed itself into a natural gas quandary, and it may be a very hard winter if the cold sets in.
Have a pleasant evening.
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