MEGA8s Hits 50pMA
MicroStrategy now holds 450k BTC
Guys, we know there has been some constant selling across equity land and today the MEGA8s total market cap chart hits right at the 50pMA. We will expect initial support here and the late day market rebound was a solid sign of technical support in front of the sell programs that have been in place:
Don’t be mistaken, we aren’t changing our bearish tone here, rather pointing out that we may see some consolidative technical buying in front of these longer term MAs. Also in the MEGA8s we put the first portion of this years hedge on, the QQQs 512 Calls for 1/17 expiry, we will target the 516 calls as well for the other 5 lots at $3 or better:
Lets move to the US bond market and we have some corresponding technical levels in the US bond markets, first up let’s look at the US govt 2Y:
4.40% has been a massive pivot over the last year or so and that is level we reached today. We would suspect support for 2s right here halting this rise in yields for now. Also looking at the US Govt 30Y bumping right up to 5.00%:
As far as the yield curves overall we can see the flattening moves here in the 2s30 and 5s30 now:
Take a look at the US yield curve today where the 30Y yield has matched the highs from Oct. 18th 2023 while the 2Y is some 82bp below those Oct. closing levels:
Moving over to today’s settlements, bonds lost out again, equities were mixed, FX was mixed, energy stronger again and gold and silver sold off while Copper held in:
Bitcoin the big 5day % loser dropping 15.22%:
As far as the Magnelibra CTA Markets Sentiment, Silver moved to neutral:
Finally the MicroStrategy tracker where the data is updated for their latest purchase of BTC putting their total holdings at 450k:
As far as the MicroStrategy gamma vol premium pickup data the strategy is back in the plus column now up 1%:
Ok guys that is it, we may see a brief pause here from the ongoing themes that have dominated, but do not take this as a change in sentiment or bearish overall tone for equities and FX. The bond yields have come to far and we would suspect the bonds to backoff from the steep yields rise that have been in, we suspect equities could be supported by this as well as the technicals and even some short term oversold readings. Overall we suspect this will be a short reprieve from the overall dominant bearish theme however. Anyway thank you guys for supporting our work and please share it so we can grow our presence. Thank you, till next time…cheers.
BTC ADDRESS: 3DvDvPnjwu5Fd6sagAYmiFXA2fPkjJf2cp