Newsletter writers want you to buy stocks: Sigh, newsletter writers. You know the type: roughly 95 years old, have allegedly seen all sorts of markets, mails (not emails) free trials of their newsletter each month and counts subscriber numbers to their PDFs by the hour. Well, this veteran group still wants you to own stocks in the worst possible way. The bullishness of newsletter writers is now hovering around 64.1%, according to the latest survey by Investors Intelligence, not too far off the 30-year high of 64.4% on Nov. 8. After hitting that level on Nov. 8, the S&P 500 proceeded to sink 1.1% until Nov. 15, at which time it rebounded. This youthful-looking, 35-year-old markets veteran says get ready to lighten the load on stocks.
It's madness out there in crypto land: Bitcoin prices plunged $2,000 on Wednesday following news of the Securities and Exchange Commission crackdown on Crypto Co. (CRCW) . We joked in the newsroom that the interview conducted by TheStreet's Kinsey Grant with one half of the Bitcoin Billionaires, Tyler Winklevoss, marked the top in bitcoin. That probably isn't true, but what could mark a crypto top is a move by one of the industry's key players. Litecoin creator Charlie Lee has reportedly sold all of his litecoin. Oh no! "Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to litecoin's success," Lee said in a new Reddit post Wednesday. ::shakes head::
Utter randomness: (1) Treasury yields have spiked and interest-rate-sensitive housing stocks don't like it, TheStreet reported; (2) TheStreet's CEO David Callaway just called out a major market risk for 2018 that nobody is talking about; (3) Hat tip to Senate lawmakers for drinking lots of Red Bull and passing tax reform in the wee hours Wednesday, now go out and short the overvalued stock market hinted this new data; and (4) Pop quiz on which social media stock has performed the best over the past month. Give up? It's beleaguered Snap (SNAP) - Get Snap, Inc. Class A Report , with shares surging 28% as investors assume things can't get any worse. Twitter (TWTR) - Get Twitter, Inc. Report is the second-best performer with a 14% gain as investors bet on Donald Trump's favorite platform being taken over in 2018. Worst performing is Facebook (FB) - Get Meta Platforms Inc. Class A Report , with shares oddly down 1.2%. Guess those wagers on Snap and Twitter are being made with Facebook profits from 2017.
A Battle Tested Veteran Chimes In On Bitcoin
Let's just say veteran investor Jim Rogers is no fan of bitcoin. Watch the video above and let me know what you think on Twitter @BrianSozzi.
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