Good morning,
Futures are solidly higher this morning, led by the Nasdaq, as oil prices continue to pull back.
If there’s a material technical development, it’s Bitcoin breaking out to start the week, up through the $83k resistance level and completing a double-bottom that targets materially higher prices. It’s also making 3-month relative highs vs. the S&P 500 and starting to become leadership.
I want the main takeaway from the latest edition of The Weekender and today’s report to be that there are a lot of reasons to be bullish on the fourth quarter and to think of this as a buying opportunity. The seasonal roadmap and still-falling indexes like the Dow and Russell 2000 would imply the bottom isn’t quite in yet, but a breakout in QQQ and all bets are off.
