evening wrap

market vibes

March 11…)

Without comment:

14:46 EDT: "Today we made an offer which the Ukrainians have accepted, which is to enter into a cease-fire and into immediate negotiations to end this conflict in a way that's enduring and sustainable and accounts for their interests, their security, their ability to prosper as a nation," said Secretary of State Marco Rubio.

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In the markets today,

Bitcoin recovered the 200 D MA around 4 AM EDT after a disappointing close on Monday, and for most of the Tuesday session, it wandered in the shadow of what looked like another sharply lower stock market. But prices turned up with stocks in the afternoon to close on the highs.

If bitcoin gaps higher tomorrow, the beginnings bottom are coming together. I’d like to see rising OI, indicating longs with good location, and rising volume indicating some urgency to get in.

ETH futures are in a long-term support area. If Ethereum is going to stay competitive with investors, prices need to stop going down soon. Open interest is very high, indicating a strong short bias. That could mean a structured hedge (not good) or a risk position which might be bullish on favorable news. If prices were lower on ETF liquidation, OI would be falling with prices… not rising.

Stocks, silver, crude and cracks, and the eur ccy on a tear higher… straight ahead… here we go…