January 23, 2023
Daily Market Commentary
Canadian Headlines
• The combination of Tiny and WeCommerce creates a well-capitalized technology holding company managed by a leadership team with a strong track record of building and acquiring profitable companies, driving organic growth, and generating free cash flow for future acquisitions. The proforma newly combined business of WeCommerce and Tiny (which will retain the ” Tiny ” name) had approximate revenues of $149 million and adjusted EBITDA of $49.7 million for the period ending December 31, 2021. Each of the combined businesses continued to experience growth in calendar 2022, which results will be published in the second quarter of 2023 after the completion of their audited financial statements. The transaction represents substantial value for WeCommerce shareholders with an attributed value of $5.12 per share, representing a fully diluted equity value for WeCommerce of $220 million and for Tiny of $691 million, excluding Tiny’s existing interest in WeCommerce shares.
• Saturn Oil & Gas agreed to acquire Ridgeback Resources, a privately held oil and gas producer focused on light oil in Saskatchewan and Alberta, for a transaction value of C$525 million ($393 million). Grounds for more hope that the global economy can avoid a major slump may emerge in the coming week in business surveys showing gradual improvement across much of the advanced world. Ahead Thursday, watch for the Bloomberg Nanos Confidence Index. Oil prices are rising for the third straight session while natural gas is rebounding after three sessions of losses.
• Canadian auction company Ritchie Bros. Auctioneers Inc. will boost the cash component of its takeover offer for IAA Inc. and accept a $500 million investment from Starboard Value LP to help fund it. Ritchie’s new bid is the equivalent of $44.40 per IAA share, based on Friday’s market close — $12.80 in cash and 0.5252 of a Ritchie share for every IAA share. The original bid, announced in November, had $10 in cash but more stock. “We are pleased to have reached an amended agreement with IAA, which reflects feedback we’ve received from shareholders regarding the best structure for the transaction,” Ritchie Chief Executive Officer Ann Fandozzi said in a statement. “We believe that the transaction with IAA will allow us to unlock significantly more value for shareholders than either company could deliver standalone through the realization of cost synergies and additional revenue opportunities.” The new structure would leave Ritchie shareholders owning 59% of the company post-merger, with IAA holders owning 37% and Starboard almost 4%.
World Headlines
• European stocks gained at the start of the week as traders assessed earnings results as well as the outlook for interest rate hikes in the region. The Stoxx Europe 600 rose 0.3% by 8:05 a.m. in London. Technology and automakers outperformed, while chemicals lagged. The Stoxx 600 has rallied over 18% since its September low, putting it on track to enter a bull market on the optimism from China’s reopening and slowing inflation. Strategists are increasingly preferring the region to its US peers as its cheaper valuations have priced in headwinds like hawkish central banks and weaker earnings. Milder weather and lower gas prices have also eased concerns of a European energy crisis, bolstering the attractiveness of European shares. The Stoxx 600 hit overbought levels last week for the first time in more than a month, while the breadth of its index members trading at such levels reached the highest since November. The last such occurrence was followed by the European benchmark dropping about 4.5% on a closing basis before resuming gains.
• US equity futures were little changed on Monday as investors mulled a possible moderation in the Federal Reserve rate increases and analyzed incoming earnings results. S&P 500 and Nasdaq futures were each down 0.1% by 6:16 a.m. in New York after both underlying benchmarks rallied on Friday. The tech-heavy Nasdaq 100 Index has posted three weeks of gains, the longest winning streak since mid-August.
• Asian stocks rose, with Japan leading gains as much of the region was closed for the Lunar New Year holiday, as prospects for slower Federal Reserve policy tightening lifted investor sentiment. The MSCI Asia Pacific Index was up 0.4%, on track for its highest close since June 9, driven by gains in Tokyo-listed technology shares including Keyence and Tokyo Electron. Key share gauges also rose in India. Trading overall was light with markets shut in Greater China and a number of other countries. Asian equities have been outperforming global peers this year amid optimism over China’s reopening and its easing crackdown on large tech companies. While further moderation in Fed rate hikes should be another tailwind for the region, questions linger over the outlook for the global economy.
• Oil rose on expectations of rising demand in the wake of China’s reopening, while the US dollar eased and risks to Russian energy supplies came into sharper focus with fresh curbs looming. West Texas Intermediate climbed toward $82 a barrel following a back-to-back weekly gain that drove the US benchmark to the highest close since mid-November. While a weaker US currency supported prices Monday, trading volumes in Asian hours were held back, with national holidays to mark the Lunar New Year affecting key markets including China and Singapore. Oil has shaken off a weak start to 2023 as China’s outlook has brightened. Expectations that the Federal Reserve is close to ending its series of aggressive rate hikes have also buoyed prices.
• Gold was stable after gaining for five consecutive weeks as traders awaited more economic data to gauge the risks of a US recession. Weak retail sales data, poor company earnings and layoffs heightened concerns of an economic retraction last week, boosting demand for bullion as a haven. European stocks and US equity futures rose Monday in subdued trading. Spot gold was little changed at $1,925.50 an ounce as of 8:51 a.m. in London. The Bloomberg Dollar Spot Index dipped 0.2%. Silver declined, while palladium rose 0.4% and platinum advanced 0.3%.
• European natural gas fell as an icy blast was forecast to ease next week, while high stockpiles helped the region guard against any supply disruptions. Benchmark futures fell as much as 4.3%, giving up an earlier increase. Gas demand could rise over the next few days as a wave of cold temperatures is expected to persist in northwest Europe for most of this week. Temperatures are likely to rebound to above seasonal norms next week, forecaster Maxar Technologies Inc. said. The ongoing frigid weather has brought back some demand after a prolonged period of unusual warmth has gas storage sites about 78% full compared with the five-year average of 58% for the time of year. The reserves have kept Europe on track to ride out this winter without any major disruptions, and pushed gas prices to about half the levels of what they were during the previous cold snap in early December.
• Copper held steady near a seven-month high in London, supported by global supply risks and optimism that China’s reopening from Covid lockdowns will boost demand. The metal has notched five consecutive weekly increases on the London Metal Exchange, with investors betting that China’s shift away from Covid Zero will bolster demand prospects in the second-biggest economy. Concern lingers over supply due to protests in Peru. Expectations for an economic recovery driven by China’s reopening and demand linked to energy transformation were catalysts for the market upturn, said Takayuki Homma, chief economist at Sumitomo Corp. Global Research Co. Copper’s supply-side vulnerability has made it easier for investors to opt for the metal, he said.
• Investors added money to exchange-traded funds that buy emerging market stocks and bonds last week. This was the 16th straight week of inflows. Inflows to U.S.-listed emerging market ETFs that invest across developing nations as well as those that target specific countries totaled $3.32 billion in the week ended Jan. 20, compared with gains of $4.65 billion in the previous week, according to data compiled by Bloomberg. So far this year, inflows have totalled $9.19 billion.
• Hedge fund Elliott Investment Management has taken a substantial activist stake in Salesforce Inc., making its move after layoffs and a deep stock swoon at the enterprise software giant. Elliott, which often pushes for strategic changes and seeks board representation, took a multibillion-dollar stake in the company, according to a person familiar with the matter. The San Francisco company had a market capitalization of $151 billion at Friday’s close, down from a peak of more than $300 billion in 2021. “Salesforce is one of the preeminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for Marc Benioff and what he has built,” said Jesse Cohn, managing partner at Elliott in a statement. “We look forward to working constructively with Salesforce to realize the value befitting a company of its stature.”
• Millions of people across Pakistan’s major cities were plunged into a blackout prompted by a power grid failure, dealing another blow to the nation already reeling from surging energy costs. Outages were reported in locations including Karachi, Lahore and capital Islamabad, according to local media reports, and it could take as long as 12 hours to fully restore electricity, Geo TV said, citing Power Minister Khurram Dastgir Khan. Many major businesses were relying on backup power systems, and Pakistan’s stock exchange was trading as normal. The benchmark KSE-100 index was 0.5% lower as of about 11:25 am local time.
• Ken Griffin’s Citadel churned out a record $16 billion in profit for clients last year, outperforming the rest of the industry and one of history’s most successful financial plays. The top 20 hedge fund firms collectively generated $22.4 billion in profit after fees, according to estimates by LCH Investments, a fund of hedge funds. Citadel’s gain was the largest annual return for a hedge fund manager, surpassing the $15 billion that John Paulson generated in 2007 on his bet against subprime mortgages. This was described as the “greatest trade ever” in a subsequent book of the same name by Gregory Zuckerman. But it’s a different story outside the industry giants, with hedge funds overall losing $208 billion last year as many managers found themselves on the wrong side of global market turmoil. LCH estimated a return of 3.4% at the top 20 managers — while the rest of funds it studied suffered losses of 8.2%.
• The improving sentiment toward US equities is at odds with a backdrop of weakening economic data and earnings, according to Morgan Stanley strategist Michael Wilson. One of the most vocal bears on US stocks warned on Monday that plunging forward-looking indicators will translate into an earnings recession and will end up hitting US markets. Recent optimism around a less hawkish Federal Reserve, China reopening and a weaker dollar is already priced into share prices, he wrote in a note. Wilson’s view serves as a warning sign after the S&P 500 Index rose nearly 11% since mid-October in its recovery from last year’s bear market. The gauge looks expensive compared with average historical levels given that earnings estimates have been falling for months.
• US Treasury Secretary Janet Yellen said she’s encouraged by progress on inflation, with energy prices and supply-chain issues easing across the globe even as the US labor market remains strong. “We’re seeing those supply-chain problems significantly mitigate, inventories are being built, shipping costs have come down,” Yellen told reporters after visiting a community health center in Lusaka, Zambia’s capital. “And so that part of inflation is no longer really contributing very significantly.” Several measures of inflation have shown encouraging signs in recent weeks, including declines in the consumer price index, which fell to 6.5% in the year through December, off its high of 9% in June. Producer prices have also declined faster than expected.
• The UK grid is asking some households to cut energy use on Monday and is likely to extend the request to Tuesday as a plunge in wind power and freezing temperatures across the country test its ability to keep the lights on. National Grid Plc looks set to use the emergency measure for the first time to help ease a supply squeeze. Starting 5 p.m., customers of Centrica Plc, EON SE and Octopus Energy Ltd. who have signed up for the program will be asked not to use dishwashers or washing machines during a two-hour period of peak demand. “Our forecasts show electricity supply margins are expected to be tighter than normal on Monday evening,” the system operator said. “These are precautionary measures to maintain the buffer of spare capacity.”
• Polish Prime Minister Mateusz Morawiecki said Warsaw will file a request for German approval to send its Leopard tanks to Ukraine, adding this was a secondary issue “because we will transfer the tanks without the nod.” Foreign ministers of the European Union held talks in Brussels, with Germany facing pressure from several countries on tank deliveries. The EU ministers are expected to approve another 500 million euros ($545 million) in funding for weapons sent to Ukraine, amid concerns Budapest may seek to veto it. Separately, the bloc is eyeing a 10th package of sanctions targeting Russia’s war in Ukraine one year after Moscow’s invasion next month, according to people familiar with the matter.
• The reopening of China’s borders is set to allow the return of its high-spending tourists back to the UK, helping to reduce the size of its recession in 2023. Forecasters at Credit Suisse expect Xi Jinping’s reversal of strict zero-Covid constraints will help drive a recovery in UK goods exports to China and draw in tourists that plow money into high-end shopping. The Swiss bank said Chinese tourists and stronger UK exports can add a combined 0.2 percentage points to GDP growth in 2023. It anticipates a 0.8% contraction in the UK economy this year, an upgrade from its previous prediction of a 1.3% drop in gross domestic product.
• Before Russia invaded Ukraine 11 months ago, freight trains looked like an ever-widening route as China boosted its Belt and Road investments so trade flowed more easily to Europe. But because trains making the two-week journey from China to Germany must pass through one of several tracks through Russia, the war and the sanctions slapped on Russian businesses threatened to disrupt transcontinental commerce. While the European Union’s overall imports via rail from China did decline through the first nine months of 2022, some key goods continued to make the journey by train across Russia.
• Spotify Technology SA is planning to cut about 6% of its employees, joining a slew of technology companies from Amazon.com Inc. to Meta Platforms Inc. in announcing job cuts to lower costs. The move was announced in a filing Monday morning, confirming reports from over the weekend that there would be job cuts. The music streaming giant has about 9,800 employees, according to its third-quarter earnings report. Spotify laid off 38 staff from its Gimlet Media and Parcast podcast studios in October. Tech companies added to their headcounts during the pandemic but were forced to make reductions in response to diminished advertising revenue and a shaky economic outlook. Amazon, Meta and Microsoft Corp. were among the biggest companies to announce staff reductions recently, while Google parent Alphabet Inc. said Friday it will cut about 12,000 jobs, more than 6% of its global workforce.
• Xylem Inc. agreed to buy Evoqua for an enterprise value of about $7.5 billion in a deal that combines two water-technology and treatment companies. Investors will get 0.48 of a Xylem share for each share in Evoqua, the companies said Monday. The value of $52.89 per share is 29% higher than Evoqua’s closing price on Jan. 20.
• Wall Street syndicate desks are expecting $20 billion to $25 billion in new investment-grade bonds this week. JPMorgan, Wells Fargo, Citi and Goldman may bring new bond deals this week, according to Bloomberg Intelligence. Meanwhile, volatility in the high-grade market is likely to continue through the heavy earning calendar this week though underlying technicals remain strong, according to JPMorgan. The spread on the Markit CDX North American Investment Grade Index, which declines as credit risk drops, widened 0.18 basis points to 74.3 as of 7:19 a.m. New York time. The remaining Wall Street banks are likely to bring new deals this week, though at a reduced pace from last year, Bloomberg Intelligence analyst Arnold Kakuda said in an email, after Morgan Stanley and Bank of America raised a combined $9 billion last week
• Argentina and Brazil are in the preliminary stages of renewing discussions on forming a common currency for financial and commercial transactions, reviving an often-discussed plan that would face numerous political and economic hurdles. South America’s two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region. The persistent macroeconomic imbalances of both countries, together with recurrent political obstacles to the idea, has resulted in little practical progress. On the eve of a meeting Monday in Buenos Aires, Brazil’s Luiz Inacio Lula da Silva and Argentina’s Alberto Fernandez wrote a joint article in Argentine newspaper Perfil noting that sharing their currencies could help boost regional trade.
• European shares dropped after their longest streak of gains since November 2021, on fears of economic slowdown and as investors shift their attention to corporate earnings. The Stoxx Europe 600 Index was 1.3% lower as of 11:59 a.m. in London, the biggest intraday decline since Dec. 16. Most of the sectors dropped, with miners and energy leading the retreat. European Central Bank President Christine Lagarde said Thursday in Davos inflation remains far too elevated and the bank will stay the course on its their efforts to return price growth to the target. Equities in Europe have had a strong start-of-the year rally as slowing inflation and China’s reopening boosted appetite for the region, helping it outperform the US market. With the Stoxx 600 index up 19% since its September low, its 14-day relative strength index hit an overbought level on Tuesday. Investors will also be analyzing earnings for signs of how economic slowdown and inflation have been weighing on corporate margins.
• US equity-index futures declined as growing signs of a global economic slowdown raised investor concern that the start-of-the-year rally in risk assets may have gone too far. Contracts on the S&P 500 Index dropped 0.7% after the benchmark slumped the most in a month Wednesday amid weaker-than-expected economic data. Nasdaq 100 futures lost 0.8%. Europe’s Stoxx 600 gauge halted a six-day rally. The 10-year Treasury note erased gains. A selloff spread across global markets, from Japanese shares to oil contracts. In the US, Wednesday’s releases showed producer prices and retail sales fell, while business equipment production slumped. A decline in factory output wrapped up the weakest quarter for manufacturing since the onset of the pandemic. Even after such a string of poor data, Fed officials repeated calls for more interest-rate hikes.
• Asian stocks fell as Japanese shares gave back the gains made after the central bank left policy settings unchanged Wednesday, while Chinese tech giants retreated on worries about insider selling. The MSCI Asia Pacific Index dropped as much as 0.9% on Thursday, poised to snap a two-day rally. Japanese equities were the biggest drags to the regional benchmark as weak economic data from the US raised concerns over a slowdown and as the yen strengthened.
• Oil fell for a second day on signs of rising US inventories and economic growth concerns. West Texas Intermediate dropped below $79 a barrel after declining almost 1% on Wednesday as US retail sales slowed, stoking fears of a potential slowdown. The American Petroleum Institute reported a 7.6 million-barrel gain in commercial stockpiles, according to people familiar with the data, reflecting the lingering impact of a December cold snap which shut down refineries. Thursday also marks the first day of a series of strikes in France, including at the nation’s refineries. While the first walkout will only last 24 hours, industrial action late last year shuttered much of the country’s crude processing, damping European demand and boosting fuel prices.
• Gold snapped three days of declines after weak US economic data spurred bets the Federal Reserve may ease the intensity of its monetary tightening. Retail sales fell the most in a year and producer-price inflation slowed, data showed Wednesday, heightening recession concerns and adding to signs the Fed may turn less hawkish. The US 10-year Treasury yield lost 18 basis points, a positive for non-interest bearing gold. Bullion has rallied sharply since early November on signs the tightening cycle in the US was coming to an end, after a run of monthly declines. So far investors in gold exchange-traded funds have been reluctant to back the rally with fresh money, while hedge funds trading Comex futures have gradually raised their bullish bets.
• Aluminum, zinc and copper all retreated as renewed concerns about global growth blunted the demand optimism that’s carried prices higher so far this year. Soft US retail sales and weak factory data triggered a risk-off turn across markets by highlighting the continued threat of recession in major Western economies. That follows a flurry of cautious commentary on economic prospects emerging from the World Economic Forum in Davos. The LME Index of six base metals on Wednesday hit its highest since June, fueled largely by hopes that China’s rapid reopening will boost demand in the world’s biggest consumer. But there’s still major headwinds in the Asian nation, from fragile consumer confidence to a still-struggling real estate industry.
• Goldman Sachs Group Inc.’s international head says that the bank’s recent job cuts have resized its footprint for the current economic environment and it will continue to hire at all levels of the firm. “We’ve sized the firm to suit what we think the outlook will be,” Richard Gnodde said in a Bloomberg Television interview at the World Economic Forum in Davos on Thursday. “But of course you have to be nimble.” He said the firm will adapt to the environment but it continues to hire people and expects to add more than 3,000 graduates this year as well as more selectively at all levels of the firm. The industrywide slowdown and threat of a recession later this year pushed the bank’s leaders to ax as many as 3,200 jobs last week. The firm’s shares slumped 6.4% on Tuesday after it reported fourth-quarter results, their biggest decline in a year.
• President Joe Biden heads for California on Thursday to visit communities devastated by storms and flooding in recent weeks and to assess first-hand the need for additional federal support for recovering residents. Biden approved an expedited major disaster declaration at the request of California Governor Gavin Newsom on Saturday, dispatching federal grants for debris removal, temporary housing and loans to cover uninsured property losses. On Wednesday, Biden increased federal assistance to cover all costs of eligible emergency measures for two months since the onset of the storms, up from the default of 75% coverage. The wave of atmospheric rivers, which brought heavy rains, snowfall and dangerous winds and spurred landslides and flooding, have caused more than $30 billion in damages, according to an estimate from AccuWeather Inc. last week. At least 20 people have died as a result of the extreme weather in recent weeks, the governor’s office said Monday.
• Wall Street banks are in a good spot to ride out an economic storm and surging staff costs, according to one of the biggest German asset managers, whose fund has almost two-thirds of its holdings across the pond. “We like banks as we have confidence that the economic cycle will be holding up better,” said Benjardin Gaertner, head of equity portfolio management at Germany’s third-largest asset manager Union Investment. His view is slightly at odds with the mixed messages from the biggest US banks this earnings season. Where JPMorgan Chase & Co. and Bank of America Corp. warned of slowing economic growth, Morgan Stanley said an expected boost in investment banking and deals activity will support results once the Federal Reserve pauses rate hikes. The country’s six biggest banks are also facing a surge in compensation and personnel expenses this year, driving up overall costs to a record $320 billion.
• Procter & Gamble Co. said higher prices are more than offsetting a diminished amount of goods sold, bolstering the revenue outlook for the maker of Tide detergent and Pampers diapers. The consumer-goods giant now expects organic sales growth, which excludes factors such as currency fluctuations, to rise between 4% and 5% in the fiscal year ending in June, it said Thursday. That narrows the company’s projection to the more optimistic half of its previous forecast, issued in October. P&G also increased the overall revenue outlook for the year. Another hike in prices during the three months ended in December helped P&G offset a decline in units sold and drive organic revenue expansion of 5%. That surpassed analysts’ expectations but was still the slowest growth rate since the quarter ended September 2021 as the pandemic boom continues to fade. Volume fell in all categories, with P&G citing a “market contraction” for most.
• Strikes coordinated by French unions aim to bring much of the country to a standstill on Thursday in a protest against government plans to revamp the pension system and a test of president Emmanuel Macron’s ability to resist street pressure. Workers in sectors including railways, schools, hospitals and air-traffic controllers are taking part in the 24-hour strike against Macron’s plan to raise France’s minimum retirement age to 64 from 62. Unions will lead marches across France’s largest cities with the backing of left-wing political parties. In a rare show of unity, France’s eight largest labor unions have coordinated efforts and the expected disruptions have prompted the government to urge people to work from home. Still, the success of the strikes is set to be at least partly measured by the scope of the street demonstrations. Both the CGT union and the head of the Communist party have set a goal of having at least 1 million people protest across France for what is likely to be just one of a series of actions.
• Norway’s central bank paused monetary tightening while signaling a likely quarter-point increase in borrowing costs in March is still needed to bring inflation under control. Norges Bank kept the key deposit rate on hold at 2.75% on Thursday, as forecast by the majority of economists in a Bloomberg survey. Governor Ida Wolden Bache said the benchmark “will most likely be raised in March,” an outlook that would chime with guidance in December that the key interest rate would increase to “around 3%” this year.
• Global funds will pressure the Bank of Japan until it capitulates and tightens policy, after the central bank disappointed bond bears by refusing to lift its ceiling on sovereign yields. UBS Asset Management and Schroders Plc are sticking with bets Japanese government bond yields will rise on the expectation the BOJ will eventually stop capping the 10-year benchmark at 0.5%, even after it kept the so-called curve control policy unchanged Wednesday. Torica Capital Pty also expects the central bank to fall in line and shift toward the global trend of raising rates. “We see no reason to square up shorts,” said Tom Nash, a money manager at UBS in Sydney, referring to his reluctance to close out bearish bets on Japanese bonds. “The yield-curve-control policy is not consistent with the current economic and political landscape and will need to be dismantled.”
• Jamie Dimon said the government shouldn’t play games with the debt ceiling, amid a standoff among Republicans and Democrats as the clock ticks on the borrowing cap. “We should never question the creditworthiness of the US government. That is sacrosanct and it should never happen,” the JPMorgan Chase & Co. chief executive officer said Thursday in an interview on CNBC. “This is not something we should be playing games with at all.” Congress is locked in an intense political fight over the debt ceiling, which threatens to upend financial markets sometime after early June, when the US may default on a payment obligation.
• While Tesla Inc.’s epic stock-price collapse dominated headlines over the past year, for some smaller electric-vehicle companies the rout has been even worse, a sign that investors see few attractive alternatives in the sector. Two of the most prominent new EV makers — Rivian Automotive Inc. and Lucid Group Inc. — have lost about 90% of their equity values from their bull-market peaks, compared with a 69% drop for Tesla. The companies have struggled to ramp up output of vehicles amid supply-chain woes just as investors grew leery of highly valued companies with no earnings.
• The best start to a year for bond returns is helping fuel an unprecedented debt-sale bonanza by governments and companies around the world of more than half a trillion dollars. From European banks to Asian corporates and developing-nation sovereigns, virtually every corner of the new issue market is booming, thanks in part to a rally that’s seen global bonds of all stripes surge 4.1% to start the year, the best performance in data stretching back to 1999. Borrowers looking to raise fresh financing after getting turned away for much of 2022 are suddenly encountering investors with a seemingly endless appetite for debt amid signs inflation is cooling and central banks will call a halt to the harshest monetary tightening in a generation. For many, fixed-income assets are looking increasingly attractive after last year’s historic rout drove yields to the highest since 2008, especially as the prospect of a slowing global economy offers the potential for further gains.
• Bitcoin steadied after snapping a rare 14-day winning streak as a mood of caution supplanted the risk appetite that drove up a variety of assets at the start of the year. The largest token swung between gains and losses on Thursday and was up about 0.2% at $20,813 as of 12:50 p.m. in Singapore. Smaller coins like Solana and Polkadot posted modest increases. Bitcoin on Wednesday retreated 2.5%, ending its longest run of daily gains since 2013. Bitcoin “has now become very overbought on a near-term basis” and is “getting ready for a short-term pullback,” said Matt Maley, chief market strategist at Miller Tabak + Co.
*All sources from Bloomberg unless otherwise specified
