The Weekend Rip: Bitcoin — Nothing But Blue Sky​

Tale of the Tape

Good evening, folks. Stocks snapped back, recovering all of the previous week’s losses and then some. 

The S&P 500, Russell 2000, and Dow Jones Industrial Average all closed at new weekly all-time highs. Is the Nasdaq up next? Place your bets… 

Bitcoin blasted through $60K on Saturday while Ethereum encroaches on its former highs. $BTC.X is up 105% YTD and $ETH.X is up 162% so far this year. Can the crypto craze continue? Time will tell… 

Earnings should be light this week. Most notably — Nike, FedEx, CrowdStrike, and Coupa Software are all scheduled to report. See the calendar below. 

Out with the old and in with the new. NXP Semiconductors, Penn National Gaming, Generac Holdings, and Caesars Entertainment will be added to the S&P 500 effective Monday, March 22.

Here’s the weekly S&P 500 chart:

S&P 500           3,943         +2.64%

Nasdaq             13,319     +3.09%

Russell 2000       2,352      +7.32%

Dow Jones         32,778      +4.07%

 

Stock Charts

Crypto Cranks Higher​

Bitcoin busted through 60K for the first time ever on Saturday. The crypto cranked 7% and ticked a high of $61,788. 

Here’s the daily chart:

And the unfinished monthly chart:

On Friday, MicroStrategy ($MSTR) filed an 8-K for its purchase of another $15M in crypto. The company now has ~91,326 bitcoins worth a breezy ~5.5B. 

Even Ethereum surged 9% on Saturday. $ETH.X ticked its highest price since February 21, 2021. Can this crypto follow in bitcoins footsteps and break out to blue skies?? Place your bets…