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Tech Giants Earnings And Then A Rest

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JULY 25 2023
 
   
GUY COHEN’S MARKET INSIGHT
The Indices Are Overbought, But First Tech Must Report Earnings
 

As mentioned last week, the likely scenario for this bull run is that the giant techs need to report their earnings before this market can take a proper rest.

Interestingly, they pretty much all dropped last week – perhaps in sympathy with Tesla’s earnings reaction – with only Nvidia not quite puncturing its 20-dma.

Meanwhile the major indices remain deeply overbought in terms of price, but not quite in terms of breadth. The easier signal is when both are overcooked by our way of looking at things through our OVI Dashboard pies.

Here’s what my indicators are telling me about the major indexes:
 
• S&P 500 - The S&P has to pull back soon to its 20-dma even if there’s still more juice thereafter (and that’s not a certainty).
• Nasdaq 100 - The QQQ is almost back at its 20-dma, and all will depend on GOOG, META and MSFT reporting this week.
• Russell 2000 - The IWM will pull back to its 20-dma in the next few days if the above three stocks disappoint.
• Dow Jones - The DIA went parabolic last week, and that typically doesn’t last for long with an index. A test of the 20-dma is inevitable soon.

Follow the money,

— Guy Cohen
JEFFRY TURNMIRE
Bitcoin: The Next Big Regret?
 

Bitcoin has been on a tear lately. But it’s not just blind luck or random chance.

For those of us who follow Bitcoin closely, there are clearly 3 forces at work that have driven Bitcoin higher since it bottomed out in November.
 
 
1) The Bitcoin Halving
The next Bitcoin halving is scheduled to take place in 2024. This means that the amount of Bitcoin that is rewarded to miners for validating transactions will be cut in half. This will make Bitcoin more scarce, which has historically driven up the price.
 
2) Traditional Financial Institutions 
There is a growing amount of institutional interest in Bitcoin. This includes investment firms, hedge funds, and even central banks. These institutions are starting to see Bitcoin as a legitimate investment, and they are not only buying up large amounts of it — they are helping to create the infrastructure that will allow Bitcoin to become 

Those are the two most common reasons cited by experts.

But there’s another, little-known monthly "Bitcoin profit window" that I’ve spotted.

It has to do with Bitcoin miners and how they run their business.

And it happens every month almost like clockwork.

I can’t share the details here, but I am going LIVE to disclose what I know tomorrow, July 26th at 11am Eastern.

If you’d like to join me to hear all about it, all you need to do is click here to save your spot.

Bitcoin now has the kind of momentum behind it that it’s never had before.

I firmly believe that it’s going to have a lot of investors looking back a few years from now saying, “If only I had gotten in when Bitcoin was cheap…”

Don't miss out on this opportunity — you should at least hear what I’ve got to share before you decide to sit this one out. [Reserve Your Spot Here].

Hope to see you there,

— Jeffry Turnmire
   
 

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