Taking note of $CLSK up 11% in two trading days as the #CryptoStocks rally with the NYMO/NYSI rise— 1/29/2024
THE NYMO/NYSI SWING TRADING STRATEGY
The NYMO is a short term market-breadth indicator based on the New York Stock Exchange Advance/Decline line, and the NYSI is its longer-term brother.
TAKEN TOGETHER, the two breadth indicators are the clearest indication of mass market psychology which is to say: market direction, up or down.
When the NYMO and NYSI rise, it is time to buy stocks, ETFs, calls, futures, whatever money-maker one likes best. When the NYMO and NYSI (especially) are falling, it is time to get out of the way of the falling knives.
There really is no reason or excuse for arguing…
1/29/2024 — DURING THE DAY…
The NYSI gave a buy signal for the open last Friday, 1/26, two trading days ago.
In my post here Friday — When the NYMO/NYSI works, it is great, and when it doesn’t, it is even greater — marking the turn in the market to the upside I mentioned the Crypto Stocks were a tempting buy:
Awfully tempting to bottom fish the crypto stocks here…
So what’s happened in these two trading days?
As I write this, MARA is up 9%, MSTR 7.5%, RIOT lagging at up 1.7%, and the Grayscale Bitcoin Trust, GBTC, is up nearly 5%. (See the charts below.)
However, especially take note of CLSK, appropriately based in Henderson, Nevada, it is yet another of the many, many crypto-coin miners, that has sprung up to feed this fake money mania.
Like most stocks in this hot sector (in the market in general for that matter) it is moving with the NYSI.
CLSK is up 11% in the two trading days of the NYSI rise.
Anyone who had that little stock on a watch list and jumped on it when the market said to buy, has reaped a startling reward already, with likely more to come.
Also worth noting: the green flag on the chart’s left axis, $23,215 is how much has been banked for this stock on the NYSI signals, long only, in the past year for each $10K traded, 232%.
This is swing trading with the broadest measure of market timing.
(The white flags on the charts’ right axis show the dollars gained for each $10,000 traded. Click on the chart for a larger view.)
(CLICK ON THE CHART PANEL FOR A LARGER VIEW.)