Even the best predictions aren’t always accurate.
Weather forecasters were expecting a cloudy, dreary morning in western Pennsylvania. Yet the famous groundhog Punxsutawney Phil still managed to see his shadow this morning. If legend holds true, that means we’ll have to bundle up for six more weeks of frigid winter weather.
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Stocks were also spooked by their shadows this Groundhog Day. Futures are dropping as the major averages look to extend their losses for the week.
In fairness, the bears have been stuck in a vicious, repeating time warp of steadily rising prices for months now…
These poor guys probably deserve a little break.
Let’s get to the charts:
1. Bitcoin takes a dive
Bitcoin’s slow decline has turned into an all-out crash as we approach the end of the trading week. The king of the cryptos briefly fell below $8,000 early this morning. It’s now down almost 50% over the past four weeks.
The financial media claims the reason behind the crash is a “tighter global regulatory atmosphere” following comments from India’s finance minister regarding a cryptocurrency crackdown. That’s a good excuse to sell as any. But the real culprit is probably investors’ own emotions. It’s difficult to think straight when your investment loses 25% of its value in just a few trading days…
We’ll keep a close eye on bitcoin to see what kind of relief rally can materialize after today’s boodbath…
2. Kodak Takes its Time
Eastman Kodak Co. (NYSE:KODK) surprised investors earlier this month when the company announced it was planning to launch its own cryptocurrency.
Speculators quickly scooped up Kodak’s languishing stock on the news, sending shares from $3 to more than $13 in just two trading days.
But Kodak hasn’t managed to sustain the excitement for the rollout of KodakCoin. Eager sellers have already dropped the stock below $7 as one of the coin’s co-creators called the venture a “terrible distraction.” It also doesn’t help that Kodak announced earlier this week that it would delay the initial coin offering for weeks due to overwhelming interest…
We were told cryptocurrencies were supposed to make transactions easier and faster. But that’s certainly not the case with Kodak’s ICO rollout…
3. Amazon Always Wins
The great and powerful Amazon.com (NASDAQ:AMZN) reported earnings Thursday after the market closed.
The numbers are staggering.
The king of online commerce produced profits approaching $2 billion, trouncing every single analyst estimate on Wall Street. Amazon is winning in every category, from sales to profits to the sheer number of boxes it ships (5 billion items were shipped through its Prime membership program last year).
Amazon stock has already rallied almost 20% to begin the year. But that’s clearly not enough for this world-beating stock…
No matter how stocks finish the week, it looks like Amazon will blast higher. The pre-earnings sellers who showed up yesterday will be kicking themselves when Amazon stock opens well above $1,450 to begin today’s trading session.
Even when the major averages are losing momentum, it’s important to remember this important market adage: Amazon always wins.
This article originally appeared on The Daily Reckoning.