Stock Talk
Well, this morning, the long awaited crypto exchange known as "Coinbase" has not yet opened as symbol COIN - and it is now after high noon. Earlier, Cnbc announced the "reference price" is $250. But as time passed and they put up various original private investors "pumping" the story, they are saying it will probably open near $375 ish.
This explains why I previously read estimates of a $375 open because "they" knew it would be pumped up higher. That gives a market evaluation of over $100 BILLION ! Is this a bubble or a healthy beginning for a new public Crypto exchange? (I don't know - it seems high - but traders and institutions may still want in.)
Yesterday, I posted it will be interesting to watch the other "Crypto" type stocks such as the miners and "asic" stocks. As of this note we can get an idea by watching a widely traded "miner", MARA.
What is MARA doing? We know from watching, MARA is a very volatile stock as I pointed out the other day and said - nah not for "moi" at the moment. Today, on the very day that Bitcoin is at its peak and the COIN ipo is about to debut, funny - we see MARA down over $5, near $45 a share !
Five dynamics are crashing MARA at this moment.
- profit taking on MARA
- COIN opening being hyped all over
- MARA got pumped by well known "handlers".
- People are starting to learn the " pump" is often followed by a major release "Dump".
- no eps yet.
- Traders dumping to buy hyped up COIN when it opens
Meanwhile did Goldman Sachs just recommend people buy a May 21 put on the overall market? That is a cautious hedge from a major "hedge" company filled with " fancy pants hedge heads" , but they "short sell" the market too. BUT we keep an eye on the movers because it's all part of stock watching.
Meanwhile, the "good guy", J. Powell just announced that the Fed will likely not raise interest rates until signs point to the need in 2022. More Candy land into the summer? Does that contrast the fancy pants at Goldman to hedge your bets for next month? Kinda. I'm still thinkin' on it ...
Update: they hyped COIN too much. It went up and then the originators probably dumped it.
and I often say here to maintain.
- Some Dry $ Powder
Addendum of Note:
Another stock I am watching is CleanSpark (CLSK) announced that a major retailer is expanding Microgrid energy platforms with a partner. Scuttlebutt is - it's Walmart.
CLSK may be turning the corner. If no further dilutions, I am taking it out of my dilution penalty box. After all, there are still only about 34 mil shares outstanding. I'm watching CLSK for further updates on their mining results.
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ALL in my humble opinion, scroll down and read more..This site does NOT make Buy / Sell recommendations.
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