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“No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.” ― Heraclitus
It’s a holiday-shortened week, but there is some excitement this morning as reports suggest that Biden has made his decision on who will be the Fed chair in the next term. US futures are higher this morning on little news, but over in Europe, COVID trends continue to move in the wrong direction. German Chancellor Merkel described the current situation as dire, as the country’s health minister said Germans will be ‘vaccinated, cured, or dead’ by Spring. Case counts in the country continue to surge with new cases coming in at a similar rate to the UK while other countries in the region continue to see their case counts spike higher as well.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
US equity futures are off to a positive start to the week, but the same can’t be said for the crypto space where prices are down 3% or more across the board. Bitcoin is currently trading down closer to 4%, and this morning’s decline follows a weekend rally that stalled out just below the 50-day moving average (DMA). As shown in the chart below (and the enlarged portion of the last week), after dropping below its 50-DMA for the first time since October 1st last week, bitcoin rallied on Saturday and into Sunday. That momentum wasn’t able to carry into the new trading week, though, and at current levels, the world’s largest crypto is on pace for its lowest closing price since mid-October.
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