Chart of the Day - Wednesday, June 26th, 2019

Today's chart of the day was shared on Twitter by Arun Chopra, of Fusion Point Capital (@FusionptCapital). It's a chart of Bitcoin with two headlines from CNBC. One was published on December 4th, 2017, about 2 weeks before it peaked. It read: "CBOE announces bitcoin futures to start trading Sunday". The other headline was published on March 18th, 2019, when bitcoin was stuck under $4,000 and had been left for dead. This one read: "CBOE to stop listing bitcoin futures as interest in crypto cools." Bitcoin is up about 245% since that second headline was published just a few months ago. I've heard speculation that the introduction of Bitcoin futures by Cboe was the proverbial straw that broke the camels back, as it provided institutions a vehicle to short Bitcoin that they didn't have before. Regardless, we like this chart because it speaks to the fact that headlines tend to follow price. In addition, the chart echos one of our favorite market aphorisms; "Buy when there's blood in the streets."