Before I head out for the day I wanted to share a few thoughts about the market and what I'm seeing out there.
This week I laid out all my thoughts and favorite trades during our LIVE Conference Call. So today's note is about a few other things I didn't talk about on the call.
The first one is this big 2100 level in Ethereum. Remember that despite all the underperformance from this one, ETH still carries a $240 Billion market-cap and is still the 2nd largest token on the planet.
If we're back above last year's lows, I would really start to get interested in this one. Look for the Bitcoin dominance to come off if Ethereum starts to outperform again. ETH can really help the Alts eat into that pie.
Meanwhile, I got an email yesterday from Ari Wald of Oppenheimer with this Seasonality chart below.
It's tracking the last 5 years, where the S&P500 tends to top in mid-February, bottom in mid-march, and then starts to rally again on March 23rd. That's today.
I think Ari is one of the best Technicians in the business. I've said that for a long time and he continues to prove it.
He does amazing work and we're thrilled every time we get a chance to speak with him on The Morning Show.
Another eye-opening chart I saw this weekend was the investor positioning from the BofA Fund Manager Survey.
The March data shows the biggest drop in US equity allocation on record:
They're puking it out. Are you noticing?
I like it.
I bought stocks this week and will be looking to buy some more this coming week.
