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IS BITCOIN THE NEW GOLD?

|Includes: AMD, BDGXF, Bitcoin Investment Trust (GBTC), MTZ

IS BITCOIN THE NEW GOLD?

Jun. 1, 2017 8:12 PM ET (Updated on Jun. 1, 2017 8:41 PM ET) • GBTC, MTZ, OTC:BDGXFComment!

BITCOIN has been wild the past couple of weeks. Very volatile. This has caused some pundits to ask: "Is Bitcoin the new gold?" Pundits always need to be asking something new. Obviously BITCOIN is not the new gold in the sense that gold is a HARD CURRENCY that one can hold in their hand. That clearly is the essence of gold's currency -- during times of trouble it can be carried on one's person as a form of money. Can BITCOIN? I'm not an expert on this, obviously. What does a super-pulse of electricity (electro-magnetic shock) that knocks out the grid do to BITCOIN? What if your phone or computer can't get an internet connection? BITCOIN seems to me to be a soft currency, like the US Dollar, the Russian Ruble -- even softer, however, since it is (seems to be?) internet dependent. Is it an alternative to paper currencies? Maybe. Is it PAYPAL gone berserk? Maybe. Is it a fad, which will fade away like Thai-dyed shirts? Maybe not.

I finally 'found a BITCOIN issue we can follow. GBTC, BITCOING Investment Trust. Of course this is a paper certificate -- an ETF -- not the real thing. But we will keep an eye on it for trading.

Here's today's signals:

Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9
6/1/17                
                 
CGTS SIGNALS              
                 
                 
COUNT1 BASIC              
        COUNT1   NEW TRADE NEW TRADE  
SYMBOL CLOSE PROP1 COUNT1 DIFF POSITION TODAY YESTERDAY ISSUE
                 
No trades                
                 
                 
COUNT1 ZERO X              
                 
      COUNT1 COUNT1   NEW TRADE    
SYMBOL CLOSE PROP1 TODAY Yesterday POSITION TODAY ISSUE  
                 
BDT.DE 80.84 -25 -2 0 Short Enter Short Bertrandt  
AGQ 36.88 -13 2 0 Flat Exit Short * Ultra Silver Leveraged ETF (Bullish) (NYSE:O)
EXK 2.895 -25 2 0 Flat Exit Short Endeavor Silver
MTZ 43.65 -7 -2 0 Flat   Mas Tec  
                 
                 
COUNT1 BASIC 30              
                 
        COUNT1   NEW TRADE    
SYMBOL CLOSE PROP1 COUNT1 DIFF POSITION TODAY ISSUE  
                 
No New Trades              
                 
                 
                 
******** ******** ******** ******** ******** ******** ******** ******** ********
COUNT2 BASIC              
        COUNT2   NEW TRADE NEW TRADE  
SYMBOL CLOSE PROP1 COUNT2 DIFF POSITION TODAY YESTERDAY ISSUE
                 
AMD 10.93 -1 2 2 Long     Advanced Micro Devices
DGAZ 24.86 5 -8 2 Long     * Natural Gas Bearish ETF 3x (NO)
USLV 13.59 3 -2 2 Long     * Silver Stocks Bullish ETF 3x (NO)
                 
                 
COUNT2 ZERO X              
                 
      COUNT2 COUNT2   NEW TRADE    
SYMBOL CLOSE PROP1 TODAY Yesterday POSITION TODAY ISSUE  
                 
AMD 10.93 -1 2 0 Long Enter Long Advanced Micro Devices
EMES 11.11 -25 2 0 Flat Exit Short Emerge Energy Services
                 
                 
COUNT2 BASIC 30              
                 
        COUNT2   NEW TRADE    
SYMBOL CLOSE PROP1 COUNT2 DIFF POSITION TODAY ISSUE  
                 
NO NEW TRADES              
                 

BERTRANDT is a SHORTSELL here. We know a few readers were LONG Bertrandt recently.

On our list of daily trades also includes MTZ as a secondary SELL SIGNAL. We like MTZ as a LONG. We want our COUNT1 too bottom and turn back up.

EKX and AGQ show that the selling in the precious metals may be ending. The EKX SHORT trade was not very good, breaking even.

Remember to keep an eye on our POSITIONS page here at SA, as we will update it daily.

Here is our Daily Count Report. We have added two new columns, RESISTANCE and SUPPORT to this report. We will look closely at this some time in the future.

Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9 Column10
6/1/17                  
                   
COUNT 2 RISING                
        COUNT1   COUNT2      
SYMBOL CLOSE PROP1 COUNT1 DIFF COUNT2 DIFF RESISTANCE SUPPORT ISSUE
                   
COVER                  
BCRX 5.27 -25 -28 0 -20 2 7.39 5.02 BioCryst Pharmaceuticals
EMES 11.11 -25 -16 0 2 2 14.35 10.105 Emerge Energy Services
SLNO 0.597 -23 18 2 14 2 0.75 0.55 SOLENO THERAPEUTICS (Capnia)
F 11.41 -15 -30 0 -12 2 13.27 11.27 Ford Daily
GES 12.47 -15 -12 2 -12 2 13.81 9.62 Guess? Inc
NTNX 18.58 -13 14 2 14 2 33.74 14.38 Nutanix -- Cloud
NUGT 33.22 -13 4 2 4 2 44.88 26.9 * Gold Miners Stocks Bullish ETF 3x
                   
BUY                  
NAO 1.055 -5 4 0 24 2 1.2 0.795 Nordic American Offshore
CLMT 4 -5 -14 0 6 2 4.93 3.45 Calumet Speciality
ESSI 2.368 -3 -8 2 -4 2 2.7 2.04 Eco-Science Solutions (NO)
THC 17.36 -3 28 2 28 2 19.74 14.66 Tenet Healthcare
WKHS 3.6 -1 -4 0 20 2 4.04 2.275 Workhorse Group
VRX 12.59 -1 2 0 26 2 14.44 8.36 Valeant Pharmaceuticals
AMD 10.93 -1 -18 0 2 2 12.77 10 Advanced Micro Devices
JNUG 16.32 -1 -12 0 6 2 21.2 13.72 * Junior Gold Miners Bullish ETF 3x
OCN 2.65 1 -26 0 18 2 3.38 2.22 Ocwen Financial
HCG.TO 9.09 3 -18 0 8 2 11.06 5.75 Home Capital Growth Canada
USLV 13.59 3 -2 2 -2 2 17.23 10.96 * Silver Stocks Bullish ETF 3x (NO)
DGAZ 24.86 5 2 0 -8 2 22.82 17.05 * Natural Gas Bearish ETF 3x (NO)
ACHN 4.505 5 20 2 20 2 4.33 3.15 Achilliion Pharma
BZQ 13.86 7 -26 0 -8 2 16.63 11.37 Short Brazil Shares ETF
                   
COUNT2 FALLING                
        COUNT1   COUNT2      
SYMBOL CLOSE PROP1 COUNT1 DIFF COUNT2 DIFF RESISTANCE SUPPORT ISSUE
                   
                   
SHORTSELL                  
BWEN 5.11 -25 -16 -2 -16 -2 9.505 4.01 Broadwind Energy
PTX 4 -25 -4 0 0 -2 7.14 3.28 Pernix Therapeutics
QBAK 5.88 -25 4 0 -6 -2 6.5 4.77 Qalstar
AMSC 4.31 -19 -18 -2 -18 -2 7.75 5.9 American Superconductor
                   
SELL                  
DUST 29.89 -7 -8 -2 -8 -2 38.68 24.69 * Gold Miners Bearish ETF 3x
RGLS 1.45 -7 -18 0 -8 -2 1.95 1.4 Regulus Therapeutics
LBJ 23.22 -7 -14 0 12 -2 32.488 25.54 * Latin America Stocks Bullish ETF 3x
SPU 2.69 -1 -28 -2 -28 -2 4.33 2.3 Skypeople Fruitjuice China
TRNC 11.41 -1 -20 -2 -20 -2 15.718 9.09 Tribune Publishing
JDST 81.97 1 12 0 -4 -2 103.68 64.31 * Junior Gold Miners Bearish ETF 3x
GNC 7.605 3 -4 0 -30 -2 9.57 6.57 GNC Holdings
                   
                   
                   
COUNT1 RISING                
        COUNT1   COUNT2      
SYMBOL CLOSE PROP1 COUNT1 DIFF COUNT2 DIFF RESISTANCE SUPPORT ISSUE
                   
                   
TRADING COVER                
EYES 1.13 -25 20 2 -30 0 1.41 1.1 Second Sight
GGB 2.88 -25 -2 2 -30 0 3.31 2.6 GERDAU S.A.
EXK 2.895 -25 2 2 30 0 3.73 2.81 Endeavor Silver
TZA 17.18 -23 20 2 -30 0 20.21 16.32 * Direxion Daily Small Cap Bear
ICPT 113.2 -23 26 2 30 0 133.44 105.06 Intercept Pharma
SLNO 0.597 -23 18 2 14 2 0.75 0.55 SOLENO THERAPEUTICS (Capnia)
SIL 35.01 -21 6 2 30 0 38.55 32.21 Silver International ETF
SRTY 45.46 -21 16 2 -30 0 52.1 43.15 * Russell 2000 Bearish ETF 3x
NMM 1.65 -19 -10 2 -30 0 2.28 1.53 Navios Maritime Partners
CDE 9.28 -19 8 2 30 0 9.91 8.07 Coeur D'Alene Daily
SCHN 19.65 -19 30 2 -30 0 27.27 17.5 Schnitzer Steel Indust
CYTX 1.02 -15 -8 2 -30 0 2.08 0.901 Cytori Therapeutics
LABD 9.92 -15 14 2 -30 0 12.07 9.15 * Biotech Bear 3 x
GES 12.47 -15 -12 2 -12 2 13.81 9.62 Guess? Inc
PDLI 2.41 -13 24 2 -30 0 2.32 2.01 Protein Design Labs
DSX 3.86 -13 -10 2 -30 0 6.155 3.48 Diana Shipping
FSM 4.72 -13 6 2 -30 0 5.6 4.13 Fortuna Silver Mines
CAAS 5.07 -13 -2 2 30 0 5.68 4.35 Chinese Auto Daily
RENN 6.86 -13 -4 2 -30 0 12.4 6.05 RenRen (China)
NIB 24.85 -13 10 2 -30 0 27.12 21.36 Cocoa ETF
AGQ 36.88 -13 2 2 -30 0 42.814 31.93 * Ultra Silver Leveraged ETF (Bullish)
WDRW 49.82 -13 18 2 30 0 53.873 41.887 * Regions Banks Bearish ETF 3x (NO)
ABC 93.13 -13 24 2 30 0 92.81 80.82 Amerisource
NTNX 18.58 -13 14 2 14 2 33.74 14.38 Nutanix -- Cloud
NUGT 33.22 -13 4 2 4 2 44.88 26.9 * Gold Miners Stocks Bullish ETF 3x
ARNA 1.38 -11 -10 2 -30 0 1.62 1.15 Arena Pharmaceuticals
                   
TRADING BUY                
DRV 11.96 -7 30 2 -30 0 13.64 10.85 * Real Estate Bearish Stocks ETF 3x
OIL 5.065 -5 8 2 22 0 5.96 4.77 Oil ETF
SSRI 9.41 -5 8 2 30 0 11.415 8.75 Silver Standard Resources
USO 9.91 -5 8 2 30 0 11.79 9.43 United States Oil
CF 27.015 -5 10 2 -30 0 37.13 25.04 CF Industries
AMBA 58.49 -5 28 2 30 0 60.19 49.49 Ambarella
AG 8.23 -3 8 2 28 0 9.585 7.055 First Majestic Silver
IIVI 31 -3 8 2 -30 0 39.5 27.25 II-VI INC
ESSI 2.368 -3 -8 2 -4 2 2.7 2.04 Eco-Science Solutions (NO)
THC 17.36 -3 28 2 28 2 19.74 14.66 Tenet Healthcare
GFI 3.665 -1 8 2 30 0 4.09 3.06 Gold Fields
SAND 3.41 -1 8 2 -30 0 4.58 3.18 Sandstorm Gold
HL 5.72 -1 8 2 30 0 6.17 5.05 Hecla Mining
CORT 11.5 -1 12 2 30 0 11.45 8.995 Corcept Therapeutics
TSRO 149.22 -1 26 2 -30 0 192.43 135.15 Tesaro
OKTA 25.3 0 -10 2 -30 0 26.54 22.67 Okta Corp
GDXJ 31.33 1 8 2 -30 0 38.12 29.33 Gold Junior Minors ETF Daily
AXAS 1.85 3 8 2 -30 0 2.24 1.66 Abraxis Petro
USLV 13.59 3 -2 2 -2 2 17.23 10.96 * Silver Stocks Bullish ETF 3x (NO)
VVUS 1.21 5 26 2 -30 0 1.25 1 VIVUS Inc
IAG 4.37 5 8 2 30 0 4.55 3.55 I Am Gold
PAAS 17.55 5 6 2 -30 0 19.43 15.64 Pan-American Silver
YINN 23.03 5 28 2 30 0 21.98 18.49 * China Stock Bullish ETF 3x
UGA 25.8 5 8 2 -30 0 31.67 23.45 US Gasoline ETF
QCOM 58.62 5 24 2 -30 0 71.62 52.21 Qualcom Daily
PFPT 89.23 5 24 2 30 0 83.89 70.3 ProofPoint
ACHN 4.505 5 20 2 20 2 4.33 3.15 Achilliion Pharma
INCY 129.28 11 -4 2 -30 0 153.15 114.34 Incyte Corp
                   
                   
COUNT1 FALLING                
        COUNT1   COUNT2      
SYMBOL CLOSE PROP1 COUNT1 DIFF COUNT2 DIFF RESISTANCE SUPPORT ISSUE
                   
                   
TRADING SHORT                
BDT.DE 80.84 -25 -2 -2 -30 0 98.89 83.8 Bertrandt
BWLD 149.75 -25 -26 -2 30 0 164.35 143.1 Buffalo Wings
RETL 29.25 -23 4 -2 -30 0 35.56 27.9 * Retail Stocks Bullish ETF 3x
DPST 53.72 -23 -20 -2 -30 0 66.677 52.618 * Regional Banks Bullish ETF 3x (NO)
YELP 28.84 -19 -16 -2 -30 0 36.16 31.68 Yelp
HURN 43.05 -17 -14 -2 -30 0 46.85 39.15 Huron Consulting
                   
TRADING SELL                
SRPT 30.7 -7 -14 -2 30 0 38 28.14 Sarepta Therapeutics
MOMO 37.34 -7 8 -2 30 0 44.58 29.56 Momo
EWZ 34.88 -7 8 -2 30 0 40.46 31.04 Brazil ETF $
MTZ 43.65 -7 -2 -2 30 0 47.9 35.475 Mas Tec
NBIX 45.09 -7 -14 -2 30 0 54.812 39.21 Neurocrine Biosciences
CPA 113.08 -7 0 -2 30 0 125.775 48.57 Copa Holdings SA-A
LABU 46.95 -3 -14 -2 30 0 53.32 41.06 * Biotech Bull 3x
ANZ.AX 27.95 -1 -14 -2 30 0 32.95 22.11 Australia/New Zealand Banking
NAB.AX 29.92 -1 -14 -2 30 0 34.09 24.32 National Bank of Australia
JWN 42.88 -1 0 -2 -30 0 50.04 41.505 Nordstroms
GVA 47.37 -1 -12 -2 -30 0 55.107 45.78 Granite Construction
KITE 74.66 -1 -8 -2 30 0 84.48 74.06 Kite Pharma
OSK 65.3 1 -22 -2 30 0 74.995 29.75 Oshkosh
ALNY 69.7 1 22 -2 30 0 75.83 47.66 Alnylam Pharma
URTY 126.06 1 -16 -2 30 0 135.06 113.55 * Russell 2000 Bullish ETF 3x
AA 32.94 3 -20 -2 30 0 36.55 30.99 ALCOA, Aluminum Company of America
TNA 53.71 5 -20 -2 30 0 57.595 48.405 * Direxion Daily Small Cap Bull

Best.

MJC, CGTS

Disclosure: I am/we are long UDOW, AMD.