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Ugliness lurking underneath the indices and bitcoin update

November 20, 2013 by Cody Willard

Don’t forget to come join me for this week’s Live Q&A Chat at 2pm EST at https://tradingwithcody.com/chat. The strong indices seem to be hiding some ugly pullbacks lurking beneath. From Tesla and GSV Capital which are each now down more than 30% since we bought puts on them to our 3-D printing basket, DDD, SSYS and XONE, which are down 10% or more this week.

Even bitcoin is acting a bit cr-oizy. Well, more than a bit crazy, that bitcoin has swung from $350 to $900 in the last ten days. Just today, bitcoin has traded from $450 to $750 on the Mt Gox exchange. Volatility, anybody? There’s no major exchange like a normal currency and/or a stock or bond would trade on for bitcoin (yet), so it’s going to be wildly volatile for a long time, I would expect, even if it does end up becoming a de facto alternative currency.

If you haven’t bought any bitcoins yet, and want to do so, go read Everything you need to know about Bitcoin first. And then look to put in a bid to buy a first small tranche below $600 and then bid on another traanche down below $500. Don’t stress over the process and the time it will take to get it all filled and executed. This is a market truly in its infancy.

DO NOT RISK MUCH MONEY ON BITCIONS!! BITCOINS HAVE BIG UPSIDE POTENTIAL, BUT ALSO COULD BE A ZERO.

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Filed Under: Trading

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or cryptocurrency or token any other product or service by Cody Willard or any other third party. Furthermore, nothing in this is intended to provide tax, legal, or investment advice and nothing in this should be construed as a recommendation to buy, sell, or hold any investment or security or cryptocurrency or token or to engage in any investment strategy or transaction. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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