He who panics first panics best
No Debate
I found nothing particularly shocking about the US presidential debate. Joe Biden's cognitive decay has been on full public display for years now.
The charade to keep him in the white house has been nothing short of disgraceful.
The disingenuous "panic" among Democrats is hard to swallow, but it's worth paying attention to.
Absolute Panic! Watch the Liberal Media burn Joe Biden to the ground after his disastrous debate performance. pic.twitter.com/Y1xSyRRVlO
— Darrin McBreen (@MediaRival) June 28, 2024
We get to watch the media pivot in lockstep to shift the Overton Window —the subset of ideas that are acceptable to discuss in polite company at a given time. A fascinating and revolting spectacle.
Biden is losing the media for the moment. They’ll flip back as soon as they realize Jill isn’t going to let him retire. pic.twitter.com/2zk5sCbvSO
— Mark Thompson 🇺🇸 (@marktmt) June 30, 2024
More importantly, pay attention to what they don't (and didn't) say. For example why did they sit on this story until after the debate?
Insane story from the WSJ…
— Geiger Capital (@Geiger_Capital) June 29, 2024
Biden was essentially unable to function as President at the G7 meeting. He was the only leader to skip their “off-script” meeting with each other.
Plus, at the EU-US summit in DC, Blinken had to help him read his talking points. pic.twitter.com/VtB8wNuva4
And finally, make a list of those still pretending this is fine.
His performance was awful. But so was Trump’s. Biden was feeble. Trump couldn’t directly answer a single question and lied with every response.
— Mark Cuban (@mcuban) June 28, 2024
The question is what features voters believe make a better POTUS : Feeble, Capable and Ethical vs Vigorous, Unethical and Incapable… https://t.co/AEy9r7vpY6
“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” —George Orwell, 1984
So thanks to a big synchronized media push it's finally OK to discuss the need to replace Biden as a candidate. Great, except it may already be too late. Apparently unless he steps down willingly —which his family will not allow him to do— he's locked in place.
Reality check: @JoeBiden is the nominee of the Democratic Party, nominated by voters in primaries across the country. Unless the @POTUS, himself, decides to quit--which he won't--that issue is settled.
— David Axelrod (@davidaxelrod) June 29, 2024
The discussion that is going on now was timely a year ago, when few wanted to…
What does this have to do with Bitcoin?
I mention all of this, because the only thing more demented than Mr. Biden is the economy. And yes, it's obvious if you actually look but no, the media is not allowed to discuss it yet.
We're still pretending the economy is doing fine (reality is a small percentage is killing it)
"About 93% of U.S. households' stock market wealth is held by the top 10%"https://t.co/xefxyCZ8hV pic.twitter.com/fehPaQNC8l
— Rudy Havenstein, Senior Markets Commentator. (@RudyHavenstein) February 10, 2024
While the great majority is struggling, largely because of inflation.
The original grocery store order in 2022 was $126.
— Dan Held (@danheld) June 27, 2024
Now the same order is $414.
"Inflation is under control, our bullish inflation metric CPI is only 3.3%" - US Government pic.twitter.com/YlDs4ybiHV
To expand on the tweet above, we have Scott Galloway (below) with an outstanding 8-minute rant by on what the upcoming generation is up against (in a nutshell, the older generation has skewed the board so far in their favor they've made it very hard for the younger generation to prosper). If we remember debt means borrowing money from the future, this makes perfect sense.
This guy is brilliant. I expected to click off and was waiting for my exit point. Never found it. Listened to his entire exposition. Just listen. pic.twitter.com/AivhndI05e
— 🇬🇧 IM 🇬🇧 (@TellYourSonThis) June 26, 2024
If those older folk —you know, the ones who actually do have savings— were more alert to the precarious position their savings are in, maybe they'd be more motivated to help.
Alas between their houses appreciating and the stock market booming they are moisturized and unconcerned, not realizing their retirements hang on the Fed keeping its promise of a "soft landing" —the chances of which, if we go by historic track record, is zero.
Americans' life savings are betting on the "Soft Landing" recession the Federal Reserve is peddling.
— Peter St Onge, Ph.D. (@profstonge) June 28, 2024
In reality, the Fed has never pulled off a soft landing in 100 years.
Instead, every recession it lies until the very last moment. Leaving Americans as human shields for Wall… pic.twitter.com/NlCF7SPub7
Over and over for decades now, the Fed has been faced with moments when it must to choose between allowing the global economy to implode under the weight of bad, excessive debt, or debase the debts away. So far, it's chosen debasement every time, blowing ever-larger bubbles.
Before we start hunting for signs of bubbles we'd do well to revisit Bob Farrell's ten market rules published 30 years ago (pay particular attention to rules 2,3 and 7):
Bob Farrel's s 10 Market Rules to Remember pic.twitter.com/WIIYt0TpBP
— Brian Feroldi (@BrianFeroldi) June 27, 2024
Read this tweet with rule 2 in mind:
"Excesses in one direction will lead to an excess in the other direction"
This is incredible:
— The Kobeissi Letter (@KobeissiLetter) June 27, 2024
The S&P 500 is now up 33% from its October 2023 low and about to break above 5,500.
Since October 2023, the index has now added $11 TRILLION of market cap.
That's more than the value of China's entire stock market.
It's also 4 TIMES the GDP of France and 5… pic.twitter.com/XSI2OpxEeX
Read this tweet with rule 3 in mind:
There are no new eras —excesses are never permanent
Those who think fundamental analysis is dead are likely in for a rude awakening.
— Otavio (Tavi) Costa (@TaviCosta) June 24, 2024
This recent trend of growth stocks outperforming value stocks was actually an anomaly, driven mainly by lower capital costs that favored growth over profitability.
As we return to a more typical… pic.twitter.com/wfAoRfGDjH
Finally, read these tweets with rule 7 in mind:
Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names
Shot:
This is interesting:
— The Kobeissi Letter (@KobeissiLetter) June 24, 2024
~90% of Wall Street analysts have now a buy rating on NVIDIA, up from ~30% a decade ago.
This comes after the chipmaker's share prices have skyrocketed 27,989% over the last 10 years.
As the stock rally intensified, the number of buy ratings rapidly… pic.twitter.com/7UxLRKDvuY
Chasers:
Nike -20%
— Willem Middelkoop (@wmiddelkoop) June 28, 2024
Real recession alert 🚨 https://t.co/PgRtw3TbDs
BREAKING: Walgreens stock, $WBA, crashes nearly 25% after drugstore chain cuts profit guidance due to "challenging" consumer environment.
— The Kobeissi Letter (@KobeissiLetter) June 27, 2024
"We assumed the consumer would get somewhat stronger” but “that is not the case,” Walgreens CEO said.
Walgreens cut their earnings per share… pic.twitter.com/eAzFERUZMP
"But Nvidia is the key to our new, AI driven future!"
That may be the case, but that doesn't mean they're not cooking the books and you should re-read Rules 3,7 and 9
Don't take my word for it, ask Nvidia insiders.
$NVDA Insiders Absolutely Liquidating While Boomers Get Convinced To Buy The Bags From CNBC. pic.twitter.com/GDnGShKFNO
— Kevin Malone (@Malone_Wealth) June 24, 2024
And maybe ask hedge funds too…
This is insane.
— Michael Burry Stock Tracker ♟ (@burrytracker) June 27, 2024
Goldman Sachs just reported that hedge funds are aggressively offloading tech stocks at a rapid rate we haven't seen in years
June is already a record month pic.twitter.com/pxEEWNVYha
So, any other red lights?
Sure, a few. Like a trickle of public calls by major analysts for those who bother to look.
Second major strategist to call for this. First was JP Morgan. pic.twitter.com/Edd3PgOktY
— QE Infinity (@StealthQE4) June 29, 2024
As well as some insane stats from Main Street
As of May, U.S Consumers have $250 Billion less in Personal Savings than they owe on their Credit Card Debt
— Monetary McFly 🪰 (@Monetaryguy589) June 29, 2024
The Economy is booming 🫠
🟢Personal Savings
🔴Credit Card Debt (-)
⚫️Excess (+) or Shortfall (-) @peruvian_bull pic.twitter.com/hHYEHr1dYM
This is absolutely insane:
— The Kobeissi Letter (@KobeissiLetter) June 27, 2024
For the first time since June 2021, it is now CHEAPER to buy a new house than an existing house.
The median new home is selling for $417,400 while the median existing house is for $419,300.
The last time it happened apart from 2021 was in 2005,… pic.twitter.com/23f96BdRLW
The Bottom Line
One day you'll wake up to a financial media screaming PANIC.
You'll be vigilant on your own because you'll have no advanced warning by them and by the time they do sound the alarm it will already be too late.
![](https://newsletter.thebitcoincoach.com/content/images/2023/10/Charting-basics.png)
Price News
Bitcoin Surfing
Bitcoin spiked down to touch the Water ($59k)but has a way to go before reaching the Board ($66k) again
![](https://newsletter.thebitcoincoach.com/content/images/2024/07/2024-26-BTC_Surfing-Chart.jpg)
Dip Fishing
After a brief and aggressive spike below $60k, BTC bounced back and forth on the $62.5k resistance before finally jumping above. We could easily see $60k again and maybe even $56k. I don't see us going lower.
![](https://newsletter.thebitcoincoach.com/content/images/2024/07/2024-26-Dip_Fishing-Chart.jpg)
Calm Chart
BTC closed June in the red, which is healthy.
![](https://newsletter.thebitcoincoach.com/content/images/2024/07/2024-26-Calm-Chart.png)
![](https://newsletter.thebitcoincoach.com/content/images/2023/10/BTCC-2023-LOGO-CLEANline-Blackback-1280x374.jpeg)