Stocks are up across the board heading into the new trading week and I like what I’m seeing, even though Monday is usually a consolidation day.
Bitcoin is also moving big time after Trump announced a U.S. strategic crypto reserve. Since Friday’s lows around $79k, prices are up about 18%. But I still maintain that Bitcoin is just another mega-cap stock.
If you don’t believe me, you can go look at the chart and see how correlated BTC is to the Magnificent Seven.
It is now above its 100-day average, and I’d like to see it remain in this range to consolidate before moving higher again.
We have some important reports today in the form of ISM Manufacturing at 10 a.m. ET along with PMI Manufacturing and Construction Spending.
We also have a lot of earnings on deck, especially in retail, and Fed Chair Jerome Powell speaking on Friday.
Europe and Japan have been giving U.S. stocks a tailwind while tariffs also loom over the market, but I think this is largely baked in at this point unless Trump adds new ones.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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