Ugh, bitcoin: Business news websites now have cryptocurrency indexes on their homepages. People are selling luxury homes and cars and only accepting bitcoin as payment (because why not earn more money after selling your $250,000 McLaren?). Bitcoin-focused websites are popping up by the day to help people understand the crypto, and probably buy for themselves. I am pulling top reporters off Federal Reserve coverage to dive into the world of bitcoin. Has the world gone mad? Yes, but cash is still king baby and never forget that. Despite that stone cold truth, bitcoin futures trading began with a bang on Sunday evening. The initial futures contract opened at a price of $15,460 and quickly fell $40 until prices rebounded to as high as $18,850, according to Cboe. Demand was so hot for futures that trading was halted twice in order to slow surging price gains. TheStreet's Martin Baccardax pointed out that bitcoin was trading at $17,520 this morning, up $2,060, with 2,795 contracts changing hands. Spot bitcoin prices on the bitsmap exchange were also trading higher, at $16,340. Get ready to trade Action Alerts PLUS holding Nvidia (NVDA) this week on speculation its processor chips will become even more in demand ...

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In non-bitcoin news: Nice win for BAE Systems (BAESY) , Britain's biggest defense contractor. The company announced Monday that it landed a $6.7 billion deal to supply 24 Typhoon fighter jets to Qatar. As seen in this YouTube video, the Typhoon is one impressive aerospace specimen. The deal sheds light on a strong year for aerospace stocks. iShares US Aerospace & Defense ETF (ITA) has surged about 27% this year, dusting the S&P 500's 16% gain. Leading the ETF's charge has been Boeing (BA) -- shares have skyrocketed some 82% year to date.

Who cares about the Federal Reserve?: If investors are scared of a Jerome Powell-led Federal Reserve that is hiking rates in 2018, they aren't showing it. Across the globe, assets (besides bitcoin) continue to demonstrate amazing strength. The Nikkei 225 advanced to its highest since 1992 on Monday. iShares MSCI Emerging Markets ETF (EEM) is hovering around record highs. Copper prices have bounced back after a selloff early last week. In short, what interest rate risk?

What's Hot

Tech Stocks?

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) +4.3%
  • Apple (AAPL) Unchanged
  • Amazon (AMZN) +2.3%
  • Netflix (NFLX) +2.6%
  • Alphabet (GOOGL) +3.5%

Facebook, Apple, and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells these stocks? Learn more now.

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