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Bitcoin Cash Begins Trading Today; It's a Crucial Moment: Market Recon

"The secret of success is to be ready when your opportunity comes." -- Benjamin Disraeli

Weapons of the Trade You did see how stocks went out last night. You do see where equity index futures are trading this morning. Remember yesterday's Market Recon? We discussed the trading opportunity presented broadly by pension fund mandates at the tail end of a month or a quarter where there has been significant outperformance by one asset class over another. This is a useful weapon for the average kid trying to make a living. Keep it in your arsenal. All of your favorite major market indices suffered a "late in the session", fairly artificial burst of supply that impacted price discovery. Take a look. I'll wait. The S&P 500? The Dow Jones Industrials? Even the Nasdaq Composite. In yesterday's Recon, we even gave you the heads-up that money would flow out of technology, materials and health care on the day. Then technology and materials easily led the way lower, with health care also finishing in the red.

Equity index futures markets are broadly higher this morning, suggesting that money is once again free of any mandate to naturally seek out where it belongs in search of the highest return. Clearly, as stated, that was a tradeable event. If you missed it, or you were skeptical, no worries. There will be more of those. I promise. Understanding the information available is the weapon. Understanding the impact of sentiment and how others react to emotion are your environment. This is your trade. Know your weapon as you know yourself. Know your environment, and adapt to the available opportunity.

Bitcoin Cash

There's a new Sheriff in town, or maybe just call it a new digital currency. No, wait... call it a new version of an older, sort of new digital currency. Regardless; at 8:20 am eastern time today, a second version of Bitcoin called Bitcoin Cash will commence live trading. There is a difference of opinion among the Bitcoin exchanges. Coinbase has already said in a statement that it would not be supporting Bitcoin Cash. Kraken, on the other hand, announced that it would support trading in the new version of the currency. Existing Bitcoin holders will automatically receive Bitcoin Cash, but only if their Bitcoin is stored somewhere that supports the newer version. Got it? No? Confused? So is everyone.

The perceived need for a new version of Bitcoin arose from the need for speed. (Cue Top Gun soundtrack). Traditional Bitcoin transactions are limited to one megabyte in terms of size. Not that this old dog understands much of that, but apparently, that is too slow for some folks, because it slows trading down. The network is only able to process a rough seven trades per second. Jeepers. Bitcoin Cash transactions will process at a much higher capacity for speed, maybe eight times as fast.