There is so much more to discuss than record stock markets...
Bitcoin Is Growing Up
Sunday has taken on a big game feel as bitcoin fans and Wall Street watch futures trading kick off on the Cboe at 6:00 p.m. EST. Will prices explode higher? Will they crash? In advance of trading today, bitcoin prices stayed in a tight range with a high of $15,634.94 and a low of $13,152.53 according to CoinDesk.
Prices as of 6:08 p.m. EST popped to $15,740. They pulled back some to $15,346 as of 7:30 p.m. EST. before spiking to more than $16,259 at 10:00 p.m. EST.
A spokesperson for Cboe said high traffic to its website slowed down its website. Trading was unaffected and continued in an orderly fashion, the spokesperson added.
No matter what happens this evening, bitcoin futures trading will be the talk of the town on Monday morning. To see why the launch is long-term bullish for bitcoin, check out this nifty write-up from yours truly. Full disclosure: I downloaded my first bitcoin news app today.
All Eyes on Wells Fargo's Stock
Wells Fargo's (WFC) - Get Report stock has been on a quiet tear over the last month, up a cool 10%. Fueling the gain has been the general rotation into bank stocks following Trump's tax plan getting Senate approval. But, Wells Fargo investors could be in for a return of dreadful sessions in light of a new tweet from Trump. As Trump puts it, he is ready to take stronger action against Wells Fargo for its fake account scandal.
"Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased," Trump said in a tweet on Friday. "I will cut Regs but make penalties severe when caught cheating!"
Long-time Wells Fargo shareholder Warren Buffett probably didn't take too kindly this tweet.
Tech Stocks Back?
What worrying tech stock sell-off? Although the Nasdaq Composite fell slightly during the last five sessions, the leadership group known as FAANG came back nicely. To see the group show some oomph (except for Apple...) amid a rotation into industrials off the tax plan has to be encouraging to stock market bulls.
For their sake, the strength best continue into year end.
Five-Day Performance: FAANG
- Facebook (FB) - Get Report +4.3%
- Apple (AAPL) - Get Report Unchanged
- Amazon (AMZN) - Get Report +2.3%
- Netflix (NFLX) - Get Report +2.6%
- Alphabet (GOOGL) - Get Report +3.5%
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