Hi Shoppers,

Wow! What a week.

There are banks failing and our fearless leaders are bailing them out … again.

Printing money out of thin air … again.

This bailout, though different in some key ways, is costing more than the 2008 bailout.

Is there more risk?

Are normal Americans going to get slaughtered in the stock market? (You’re in the right place at Option Pit for that NOT to happen.)

It isn’t only an American problem, Europe has its troubles,too. 

Have you noticed what is happening with Bitcoin (TIcker: BTCUSD) and Ethereum (Ticker: ETHUSD) during all this craziness?

They are rallying … big time. (As is gold).

Are these bank failures and bailouts making the argument for crypto?

Crypto doesn’t have counterparty risk, your coin is on the block chain.

There is a finite – or limited supply of Bitcoin.

Now, I don’t claim to be a crypto know-it-all.

But it is my business to read charts …

On the Charts
Look at the rally in Bitcoin (Ticker: BTCUSD):

And Ethereum (Ticker: ETHUSD):

The ProShares Bitcoin Strategy ETF (TIcker: BITO) allows you to play Bitcoin with options for a lot less money.

Here is the chart:

Friday’s candle in BITO could be signaling a change in trend, but Bitcoin trades all weekend so we need to see what happens a couple hours into the trading day on Monday.

Bitcoin has had such a move perhaps a strangle is in order.

This week’s 17 calls and 16 puts for around a dollar may not be a bad way to play these moves:

Trade Review
I last said Cleveland Cliffs (Ticker: CLF) was going to trade higher. The overall market was very bearish and CLF did not look bullish, so I did not enter the trade.

Thanks for Reading … See You Next Tuesday,

Licia Leslie