EQUOS — Morning Update — November 17th

Building on last week’s enthusiasm about Pfizer’s vaccine (with a 90% effective rate), Moderna is now advancing with a vaccine of its own, reported to be 94.5% effective. Naturally, markets turned risk-on.

Both the S&P 500 and the Dow Jones reached all-time highs, the latter stopping just shy of the 30,000 mark. The Russell 2000 moved 2% up while the Nasdaq retraced further, showing a clear tilt toward non-tech stocks. Airlines, cruises and hotels are the top performers. Gold remains disappointing, inching its way back up but still constrained at $1,890.

Crypto didn’t disappoint. Continuing in an upward channel with no clear resistance ahead, BTC rose a full 5%, to $16,760. We touched on $16,880 intraday. Unsurprisingly, the gold/Bitcoin ratio is at a multi-year low (0.113) and shows no sign of bouncing.

ETH rose, but — as always, these days — underperformed BTC. We’re currently at $463, still unable to breach the $480 resistance that would free up a wide and clear path to higher grounds.

An altcoin that wasn’t underperforming is LTC, rising a massive 18.8%, currently at $74, when just a few days ago it was sitting at $60. For the chartists out there, observe the gorgeous breakout of a multi-year pennant. DASH and ZEC also showed some strength, jumping up about 8%.

Away from short-term price updates, I loved reading this quote from Stanley Druckenmiller: “I own many more times gold than I own Bitcoin, but frankly if the gold bet works, the Bitcoin bet will probably work better because it’s thinner and more illiquid and has a lot more beta to it.”

In the same vein, Citi Bank issued a report within which one analysis predicts BTC prices could reach $318,000 by 2021 (that’s just next year, by the way). Naturally, that is an aggressive price target, not to mention it also comes from an institution that missed out on Bitcoin’s potential for the past 12 years, but, better late than never.

That’s all for me. I wish you a great trading day.

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Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

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Justin d’Anethan

Justin d’Anethan

Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

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