Things are going well for the car maker. Analysts have become more optimistic about EV adoption in China. What’s more, vehicle deliveries have beaten analyst projections in recent months. Still, few analysts can claim to have predicted NIO stock would double in less than 10 trading days—which it did....
A weakening U.S. currency could be another reason for gold and Bitcoin rise. The declining currency is one of the most “considerable technical moves following the legislative election,” corresponding to MKM chief market technician J.C. O’Hara. He pins dollar weakness on Bitcoin’s breakout. Still, gold is down since Nov. 3.
Speculative fervor, another justification for these asset value rises. Bitcoin isn’t a company, and NIO and its rivals are experimental high-growth stocks. These types of trades do better when sincerity is on the rise.
That is as good an explanation as any alternative. Rising animal spirits, as Keynes might put it. A modern millennial would call it FOMO, or fear of missing out.
That’s a warning to investors who are encouraged to be fearful when others are greedy and greedy when others are fearful. Investor anxiety appears to have peaked just before the U.S. presidential election. Now fear is down. Perhaps investors should be trimming positions and taking some profits now.
The next bout of rising fear could come as Covid-19 cases spike. The U.S. hit a record for single-day events Thursday with over 150,000.
The sell warning, of course, comes with its admonition. Wholesale portfolio adjustments are seldom rewarding, and this analysis is little better than tea-leaf reading. Still, daily price moves hold clues what the future holds for stocks, bonds, and crypto currencies.
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