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Milestone Watch: What Comes First, Dow 20K Or Bitcoin 1K?
From Tyler Durden: For 10 straight days, prognosticators have promised that the Dow Jones Industrial Average will break gloriously above 20,000 for the first time in history, proving how great the economy must be (or will be), and leading investors to the next secular bull leg of this miracle of wall street.
So far it hasn’t happened. The Dow has gained about 11.75% since Donald Trump’s surprise November election win, but still needs to rally another 0.35% to hit the key psychological level.
But halfway around the world, Chinese fears (of capital controls and devaluation) have sparked an exodus into alternative currencies – most notably Bitcoin as it soars towards $1000. (BTC +42% post-Trump)
So which comes first – the greed of Dow 20,000 or the fear of $1000 Bitcoin?
So far this morning, both indexes are losing ground. The Dow was off 13.20 points (-0.07%) to 19,931.84, while Bitcoin was still up on the day despite a sharp intraday pullback to the $955 level.
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was trading at $198.99 per share on Wednesday morning, down $0.22 (-0.11%). Year-to-date, the only ETF tracking the DJIA has gained 16.32%, versus an 11.74% rise in the benchmark S&P 500 index during the same period.
DIA currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #3 of 76 ETFs in the Large Cap Value ETFs category.
This article is brought to you courtesy of ZeroHedge.
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