We are certainly not in the early-days of any sort of market trend.
There are incredible speculative moves unfolding in markets. Last month, Oracle shares briefly made Larry Ellison the richest man on the planet and today AMD shares rose as much as 35% on a power and equity deal with OpenAI.
These are the kinds of things that happen closer to a market peak than the bottom.
One asset that hasn’t made new highs lately is ethereum but that could soon change. It’s up 4.7% to $4713 today, which is within striking distance of the August high of $4955 and a double top near those levels that stretches back to the 2021 high of $4670.
Should we get a definitive break of those levels, it could kick off a major rally in crypto, joining in the speculative frenzy that is seemingly everywhere right now.
ETH daily
Hedge fund legend Paul Tudor-Jones was on CNBC earlier today and touched on the kind of market we’re seeing.
“My guess is that I think all the ingredients are in place for some kind of a blow off,” Jones said.
“History rhymes a lot, so I would think some version of it is going to
happen again. If anything, now is so much more potentially explosive
than 1999.”
