Bitcoin Feels the Pain as Stocks Inch Higher

Stocks moved slightly higher on Thursday in a quiet holiday session. Bitcoin provided a dose of excitement, however, with prices falling back below $14,000 in the wake of reports of a possible regulatory crackdown in South Korea — including requiring exchanges to verify user identities to fight money laundering activity — and work of another “hard fork” before the end of the year.

In the end, the Dow Jones Industrial Average gained 0.3%, the S&P 500 gained 0.2%, the Nasdaq Composite gained 0.2% and the Russell 2000 gained 0.3%. Treasury bonds declined, the dollar fell, gold gained 0.4% and crude oil added 0.5%.

NFLX) gained 3.5% in an attempt to push back up and over its 50-day moving average. Altria (NYSE:MO) fell 1.6%. When Netflix and cigarettes are the height of the action, you know Wall Street is mostly shut down./p p Conclusion /p pimg loading="lazy" class="alignnone size-full wp-image-1092915" src="" alt="" width="890" height="450" srcset=" 890w, a href=""×152.jpg/a 300w, a href=""×388.jpg/a 768w, a href=""×30.jpg/a 59w, a href=""×101.jpg/a 200w, a href=""×202.jpg/a 400w, a href=""×59.jpg/a 116w, a href=""×51.jpg/a 100w, a href=""×50.jpg/a 99w, a href=""×39.jpg/a 78w, a href=""×404.jpg/a 800w,×86.jpg 170w” sizes=”(max-width: 890px) 100vw, 890px” />

The overbought situation just keeps getting more and more ridiculous, with the weekly RSI indicator hitting levels not seen since the late 1950s as risk and worry fade away; replaced by ebullience and extreme confidence.

There is evidence that some areas of the market are braced for a possible changing of the tide come January, with the yield curve collapsing to its flattest levels since 2007, utility stocks rolling over, and the Nasdaq suffering mid-day sell-offs as traders exit crowded big-cap tech stock positions.

Today’s Trading Landscape

To see a list of the companies reporting earnings today, click here.

For a list of this week’s economic reports due out, click here.

Anthony Mirhaydari is the founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.

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