To tell you the truth, I didn’t get much sleep last night. Part of it has to do with what’s been happening in the markets lately.
However, one thing that I just can’t seem to take my mind away from is the Federal Reserve’s upcoming Jackson Hole meeting, which is happening tomorrow at 9:10 am New York time.
We’ve already seen how overstimulating the economy is leading two strange phenomenons in the market. The latest one comes from a company called Palantir, who is now planning a direct listing on the New York Stock Exchange.
Oddly enough, the fact that the company lost $580 million last year isn’t even the most surprising thing about this. We’ve already seen investors rushing to throw money into unprofitable ventures way too many times to count. No, what’s most surprising here is what the company does.
Why would a data mining firm whose primary business is digging up dirt on behalf of the U.S. government, and the people who run the New York Stock Exchange, suddenly air their dirty deeds to the entire world??
Are investors really gullible enough to buy a piece of an unprofitable spy agency?
I have a strong feeling that we don’t have all the facts at this point, but also that a lack of facts might actually add to the company’s mystic allure and in some way entice uninformed investors in this ever-so-strange market.
Bitcoin finding support?
All things considered, it’s a rather boring day in the markets. Volatility continues to decline along with the U.S. dollar, which at this point is failing to display the sort of shock and awe bounce off the bottom that many were expecting.
No doubt anticipation of the Fed meeting tomorrow and a new inflation regimen has something to do with that.
Bitcoin dipped below the channel that we were watching yesterday, but seems to have miraculously found support just above $11,000. For now, we have a classic range-trading market.
As you can see, if we take yesterday’s moves into account, we’re now trading in a $1,000 range between 11k and 12k. Of course, this graph probably looks more like an exercise in technical analysis than anything else.