Brazil, Bitcoin and Basquiat…Dude
My friend Jon Boorman is a trend follower like me. He said this today which is so true:
If you come to the market without humility, it will surely give you some.
I woke up this morning and as always checked trending tickers on Stocktwits to see what was shaking.
Turns out it was Brazil.
The Brazil Country ETF was down over 10 percent. No way that could be correct. But it was.
The ETF closed down over 16 percent. That is mind boggling.
How much so?
The market move in Brazil today created a 7-sigma event for the Brazil ETF, which is supposed to (if markets followed a normal distribution) only happen once every 3,105,395,365 yrs (thanks Charlie).
The great news for home gamers is that there is a triple leveraged ETF for Brazil so if you were so bullish on Brazil, you could own it x3. The price for being 3 times leveraged to Brazil today was a mere 48 percent drop in your holdings. Columbia has cocaine. The US has three times leveraged ETF’s. Strike that…we will soon have 4 times leveraged ETFs.
On this same day Brazil was down 16 percent, Ethereum crossed $100, Bitcoin closed in on $1,900 and a Basquiat painting (dead American painter) sold for $110 million.
Just a typical day in May 2017.
PS — The Stocktwits daily email is growing fast and getting rave reviews. You can get it in your inbox each night at 7–30 pm eastern. Don’t just take it from me…
Originally published at Howard Lindzon.