No Edge in the Alts

In yesterday's note, we outlined our patient approach in the face of this messy tape.

For the most part, we're sitting on the sidelines waiting for an uptick in investor demand to drag the market out of this correction.

Current price action is being heavily driven by the futures market, which will only serve to increase the probabilities of whipsaws and fake-outs that can wear on traders' emotional as well as their financial capital.

Additionally, when evaluating the altcoins, there isn't any edge in being positioned aggressively long.

As we'll explore in today's post, many names look vulnerable for further near-term downside, and even most of the leading alts have lost much of their bullish momentum over the last few days.

Let's dive in.