Bitcoin, Tesla & More
We would normally lead off with the earnings but we had to post this breakout, well continued upside breakout in Bitcoin.
Many long time Econemotions readers know we have been very bullish Bitcoin Technology (We call it a technology) and it seems major investors are beginning to see the uncorrelated protection that it can provide. Now don’t get us wrong, this is still considered to be a very alternative investment and risks are a plenty, but one thing is clear, Bitcoin is here to stay. For those out there that continue to call Bitcoin a “novelty” well we hope you know better by now.
We noted the triangulation occurring around the $11k level and warned a breakout would lead to an attack on the June 2019 high of $13880, well here is the present chart:
Ok, on to Tesla (courtesy CNBC)
Earnings per share (adjusted): 76 cents vs 57 cents, per Refinitiv
Revenue: $8.77 billion vs $8.36 billion, per Refinitiv
Net income (GAAP): $331 million vs $394 million, per Refinitiv
Delivered 139,300 vehicles during the quarter, a new record for Tesla.
Automotive revenue comprised $7.6 billion, about 91% of the total for the quarter.
Automotive gross margins, excluding regulatory credits, rose from 18.7% to 23.7% sequentially.
Tesla raked in $397 million in regulatory credits during the quarter nearly doubling the amount it made from these “green” credits year-over-year.
Here is the chart:
As far as the indexes today let’s look at the Nasdaq futures:
The metals are heading down as well here is Gold:
Also out today, existing home sales continue to climb amidst the pandemic (Zhedge chart)
Existing home sales soared 9.4% MoM in September, almost double the +5.0% expectation
A quick look at other markets, Bond Yields continue to climb with the 10Y now 0.846%
Nasdaq leading the equities lower -1.10%
US Dollar Index trying to regain the 93.00 area as FX down slightly across the board:
As far as Energy and Metals, Crude up a decent 2.12% continuing to look for economic improvement worldwide to increase demand (will see) and Silver leading the way lower today -2.28%:
That’s it, we won’t bore you with Trump/Biden political mudslinging as its become quite annoying the whole process, we won’t bore you with sensationalism in regards to Pelosi and the stimulus. We can only give you what we believe matters and in the time frame we receive and interpret it. As we have noted for a few weeks, volatility will continue thru the election process and so you have to be ready to act!
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-Magnelibra Econemotions
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