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The NYSE Composite Made A New High While The Nasdaq Has Not
Michael Swanson
August 26, 2024
Become A Better Trader And More Informed Investor
The NYSE composite index, made up of everything trading on the NYSE, went to a new high on Friday, while the Nasdaq, big cap tech stocks, and Bitcoin are still below their highs, with Bitcoin continuing to lag the S&P 500, as it has done for months now.
There is more to the stock market than big cap tech stocks, even though that is all people talk about.
Defensive sectors, such as utilities, tobacco stocks, and gold are outperforming the market.
The RWR REIT ETF went to a new high last week too.
None of these sectors, though, excite the masses.
There are no social memes about them going viral.
No “AI” was used to write this email or edit it.
And…..
The masses still want to hear from Cathie Wood and be told that Bitcoin is going to a million over and over again, even though gold made a new all-time high last week.
What would you rather own?
One virtual Bitcoin for $64,000 or 2,145 ounces of real physical silver for the same price?
What would you rather own?
One virtual Bitcoin for $64,000 that is lagging the S&P 500 and likely to collapse just like it did in 2022, because that is what it ends up doing when it lags like this at some point, or 64,000 one dollar lottery tickets, knowing that one will actually win one million?
Stick with the gold and silver.
Today, before the open, as I write this, gold and silver are up and Bitcoin is trading red.
Maybe Bitcoin will go green before the day is over, but this is the type of lagging price action it keeps doing.
Bitcoin gurus say Warren Buffett does not understand markets, because he does not own virtual crypto coins.
The entire market cap of Bitcoin is $1.2 trillion.
Warren Buffett’s Berkshire Hathaway is sitting on close to $200 billion in cash.
Who would you rather be?
A Bitcoin guru predicting that Bitcoin is going to one million or Warren Buffett?
The market cap for gold is over $13 trillion.
Central banks around the world are buying gold, putting it on their reserves.
They are not buying Bitcoin.
In an internet where so much is phony and fake, as of today, 9,890 real smart people subscribe to this email newsletter.
When is the next bear market and recession coming?
That is a topic I addressed in this weekend’s WSW Pro update Pro members can read here:
-Mike
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