Bitcoin Upside Accelerating 比特币加速上升

After breaking above 10000 last week, Bitcoin rushed towards 11000 and consolidated.  Today it is accelerating to the the upside again forming a Continuation up pattern. On the weekly chart, it has broken above a 2 year downtrend line with huge volume. CCI above +100 indicates it's in the accelerated phase of the uptrend and looks ready to challenge 14000. Bitcoin ETF GBTC also broke out of a downtrend line and is ready to move towards 17.5.  With a shaky stock market and crashing US dollar, Bitcoin is the safe haven. 

在上周突破10000之后，比特币冲向11000并整固固。今天它正在加速上升，并形成了继续续上升模式。 在周线图上，它已经以巨大交易量突破2年的下降趋势线。 CCI高于+100表示它处于上升趋势的加速阶段，并准备挑战14000。比特币ETF GBTC也突破了下跌趋势线，并准备迈向17.5。 由于股市的摇摇欲坠，美元的暴跌，比特币是一个很好的避风港。

Odds Favors Sell Off After Thursday's Big Tech Earnings周四科技龙头财报后股票被抛售的机会大

This Thursday (7/30) mega tech companies Apple(AAPL), Amazon (AMZN), Facebook(FB)  and Alphabet (GOOG) will all report earnings after stock market close. It should be a critical event and may 

change the direction of the stock market. I am listing a few things I look at to derive a conclusion. The conclusion is it is more likely for the big techs to sell off after Thursday. 

Symbol    from March    PE    Industry PE  P/S  Normal P/S   miss in 4Q

                                                                                                   

AAPL      +76%               30    9                      6      4                       1

AMZN    +85%              146   50                     5      4                       3

FB           +68%               34   33                      9      4                       3

GOOG    +48%               31   33                      6      4                       2

To analyze the effect of stock price after earnings, there are 3 areas we are looking at:

1. How much stock has risen before earnings

The above 4 stocks all rose sharply since their March lows. These percentage increases of stock prices 

normally take years to accomplish. Since stock prices of these 4 stocks have reflected a lot of good news before earning, it is a reason to sell on earning news.

2. Over valuation

Stock valuations for the above 4 stocks have risen to overvalue levels. The Price to Sales ratio of the 4 companies are now over the normal Price to Sales. PE ratios of 3 of the 4 companies are higher than than their industry PE except GOOG. Over valuation is a reason to sell on earning news.

3. Earning history

No matter how profitable a company is, it has to beat earning estimated by analysts. Based on history of the last 4 quarters of earning report, AMZN and FB missed estimated 3 times, GOOG 2 times and AAPL 1 time. These are not stellar records and means they might miss this time also. Even though AAPL has a better earning record, but  recent sell rating from Goldman Sachs and Deutsche bank analyst negative comments make sell off more likely.

4. The earnings can come in 5 forms and possible stock reactions:

Earnings and revenue beat big and positive outlook---Stock moves up big

Earnings and revenue flat to slightly beat and flat to slightly higher out look---Stock sell off

Earnings and revenue beat but negative outlook---Stock sell off

Earnings and miss and positive outlook---Stock sell off due to high valuation

Earnings and revenue miss and negative outlook---Stock drops big

5. Tcchnical analysis:

AAPL: AAPL broke below 20 day moving average at 379. It finished bouncing after recent drop and formed a Continuation Down pattern. Its support is 50 day moving average at 353. AAPL has CCI sell signals.

AMZN: AMZN has formed Double Top pattern and is below its 20 day moving average at 3034. Its next support is 50 day moving average at 2747. AMZN has CCI sell signals.

FB: FB is forming a Round Bottom pattern and has dropped below its 20 and 50 day moving averages at 238 and 233 respectively. Its next supports are at 220 and then 200 day moving average at 204. 

FB has CCI sell signals.

GOOG: GOOG has formed Head and Shoulder Top and is below its 20 day moving average at 1509. Its next support level is 50 day moving average at 1458. GOOG has CCI sell signals.

本周四（7/30），苹果（AAPL），亚马逊（AMZN），Facebook（FB）和Alphabet（GOOG）等大型科技公司将在股市收盘后发布财报。这应该是关键事件，并且可能改变股市的方向。下面我列出了一些我的看法以得出结论。 结论是，大型科技公司在星期四之后被抛售的机会大。

代号        自三月涨幅  PE  行业PE  P/S  正常P/S   过去四季低于预期次数                                                                                          

                                                                                                                  

  

                                     

AAPL      + 76％          30           9    6       4                     1

AMZN    + 85％        146         50     5      4                     3

FB           + 68％          34         33     9       4                    3

GOOG    + 48％          31         33     6       4                    2

要分析财报结果对股价的影响，我关注四个方面：

1.获利前股价增加了多少

自3月低点以来，上述4只股票均已大幅上涨。这些股价上涨百分比通常需要几年才能完成而上升过度。由于这四只股票的价格在财报之前已经反映了很多好消息，因此这是在财报新闻后卖出的理由。

2.估值被高估

以上4只股票的股票估值已升至高估水平。现在这4家公司的价格与销售比率已经超过正常的价格与销售比率。除GOOG之外，这4家公司中有3家的市盈率高于其行业市盈率。在财报新闻后卖出的理由。

3.财报历史记录

无论一家公司的盈利有多好，它都必须超过分析师门的估计。根据最近四个季度的财报记录，AMZN和FB错失了3次，GOOG错失了2次，AAPL错失1次。这些不是出色的记录，这意味着他们这次可能还会错过。 尽管AAPL的财报记录较好，但是高盛的近期卖出评级和德意志银行分析师的负面评论使抛售的可能性更大。

4.财报可以有5种形式出现以及可能的股票反应：

盈利和营业额超大幅超过预期，前景乐观---股票大涨

盈利和营业额基本持平或略高于预期，前景持平或略高---股票因高估值而被抛售

盈利和营业额均好于预期但前景看淡---股票被抛售

盈利和营业额均低于预期，但前景乐观---股票因高估值而被抛售

盈利和营业额均低于预期和负面展望---股票大跌

5.技术分析：

AAPL：AAPL跌破20日移动均线379。近期下跌后并反弹结束而形成下跌继续形态。 它的下一支撑是50日均线353。AAPL 有CCI卖出信号。

AMZN：AMZN已形成双顶形态，并跌破其20天移动均线3034。下一个支撑位是50天移动均线2747。AMZN有CCI卖出信号。

FB：FB正在形成圆顶形态，并分别跌穿20日和50日移动均线238和233。下面的支撑是220 然后是200天均线水平204. FB有CCI卖出信号。

GOOG：GOOG已形成头肩顶形态，并低于其20天移动均线1509。下一个支撑位是50天移动均线1458。GOOG有CCI卖出信号。 

Bitcoin, Gold, Silver Are Hot And Likely Get Hotter比特币，黄金，白银很受追捧，而且很可能会继续

Over-extended and shaky stock market, slumping US dollar, financial markets uncertainty, uncontrollable Covid-19 and increasing geopolitical risk are making investment alternatives such as Gold , Silver and Bitcoin attractive. Bitcoin has been consolidating between 8000 and 10200 since May this year, and it broke above the psychological 10000 and touched 10200 today (July 26). It is looking ready to break out of its 3 month range. If it breaks above 10200, it would confirm a bullish Head and Shoulder Bottom formation on the the chart. Technically, the next two upside target would be 12000 then 14000. Gold making 9 year high and approaching all time high 1923, 6 year high for Silver and Bitcoin ready to break out all are evidences of capital drawn to these investments. Bitcoin ETF GBTC is an alternative to participate in Bitcoin. The Gold and Silver monthly chart show that Silver is especially attractive since it has been falling behind and has a lot room to run in catching up with Gold.  GLD and SLV are ETFs for tracking Gold and Silver respectively. While GDX and SIL are ETFs fro tracking Gold and Silver mining companies respectively. Gold looks ready to challenge 2000. Silver may shoot for 30.

News for Bitcoin:

The price of Bitcoin (BTC) rose to as high as $10,272 on July 26 in an unexpected weekend rally. It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200. They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins). The simultaneous rejections of major altcoins and the price surge of Bitcoin suggest that traders took profit from recent altcoin rallies. As traders moved their altcoin gains to Bitcoin, it possibly triggered a BTC uptrend, while altcoins declined.---Cointelegraph

Bitcoin fees are on the rise again, approaching levels last seen during the recovery from the March 2020 crypto crash, which was linked to the corresponding stock market decline. Transaction fees are tied to the level of activity on the Bitcoin network, so when lots of users are buying or selling, fees go up. The last time Bitcoin fees saw a serious spike was in May, when BTC prices rose from $7,900 to about $10,000 in a bit more than a month. On the heaviest day, May 20, it cost more than $6.60 on average to broadcast a Bitcoin transaction. It is now around $3. Bitcoin fees reached their highest level ever during the final days of 2018, when ICO mania was at its height and Bitcoin prices were pushing $20,000. At that time, average Bitcoin transaction fees peaked at a jaw-dropping $54 per transaction. ---Decrypt

As US banks get the green light to pursue digital asset goals and more favorable policies in place, Bitcoin price would soon reflect these positive changes. As banks offer more crypto products, the participation of investors and traders would also increase. The increasing crypto exposure would certainly boost the Bitcoin price. Charles Edwards of Capriole says that the next push may very well come from the traditional banks. Capriole’s digital asset manager says that Bitcoin price can double from current levels if conventional banks merely hold at least one percent of their assets in cryptocurrencies.---Cryptopolitan

股票市场过度上升和危险，美元暴跌，金融市场的不确定性，未可控制的Covid-19以及日益增加的地缘政治风险，使得诸如黄金，白银和比特币之类的投资选择具有吸引力。自今年5月以来，比特币一直在8000和1200之间盘整，今天（7月26日）突破了心理价位10000，并曾达到10200。看来它正准备突破3个月的交易区间。如果它突破10200，图表将确认看涨的头肩底形态。从技术上讲，下两个上升目标将是12000，然后是14000。黄金创造了9年高点，并接近历史最高点1923，白银达到了6年高点和准备爆发的比特币都是这些投资吸引了资金的明证。比特币ETF GBTC是参与比特币的另一种选择。黄金和白银的月度图表显示，白银具有特别的吸引力，因为它一直落后于黄金，并且在追赶黄金方面还有很大的上升空间。 GLD和SLV分别是用于追踪黄金和白银的ETF。 GDX和SIL是分别追踪黄金和白银矿业公司的ETF。黄金达到2000在望。白银有望上30.

比特币新闻：

在意外的周末反弹中，比特币（BTC）的价格在7月26日上涨至10,272美元。它仅在BitMEX上就清算了价值7400万美元的空头合约，使许多交易者措手不及。导致比特币突然从9700美元飙升至10200美元以上的两个主要原因是过度杠杆空头的清算及交易者从过度上升的另类加密货币（Altcoins)中获利了结而进入比特币。。--- Cointelegraph

比特币费用再次上涨，接近2020年3月加密货币崩盘复苏期间的最后水平，这与相应的股市下跌有关。交易费用与比特币网络上的活动水平相关，因此，当许多用户进行买卖时，费用会上升。上一次比特币收费出现严重飙升是在5月，当时BTC价格在一个多月的时间里从7,900美元升至约10,000美元。在最贵的一天（5月20日），比特币交易的平均费用超过6.60美元。现在大约是3美元。比特币费用在2018年最后几天达到了有史以来的最高水平，当时ICO狂潮达到顶峰，比特币价格被推升20,000美元。当时，平均比特币交易费最高达到每笔交易惊人的54美元。 ---Decrypt

随着美国银行为追求数字资产目标和更有利的政策开绿灯后，比特币价格将很快反映出这些积极变化。随着银行提供更多的加密产品，投资者和交易者的参与也将增加。越来越多的加密货参与肯定会提振比特币价格。卡普里奥莱（Capriole）的查尔斯·爱德华兹（Charles Edwards）表示，下一步的努力很可能来自传统银行。卡普里奥莱的数字资产经理说，如果传统银行仅将其资产的百分之一持有加密货币，那么比特币的价格可能会比目前水平高出一倍。--- Cryptopolitan

Tech Wreck Today科技股今天遭重创

The Tech concentrated Nasdaq Composite Index hit a snag today after continuous rise since March bottom and have been making all time highs since 5 weeks ago. Stocks such as AAPL, AMZN, MSFT, FB, GOOG, NFLX and NVDA have pushed their valuations to stretched levels. Stocks tend to go the opposite direction when they are stretched and it happened today.  The Dow, S&P 500 and Nasdaq Composite closed down 1.31%, 1.21% and 2.29% respectively6.  As investors chase stock hard since March bottom and as the crowd believe that stocks will never come down, that's when the party ends. A market downside correction is now likely as investors getting use to sell on earning news during the next few weeks. Nasdaq may go down to test 50 Day Moving Average support at 9903. If broken, then proceed to 200 Day Moving Average support at 8927.

There are a convolution of factors which caused today's Tech stock sell off, they are:

1. Goldman Sachs analyst said Apple stock should be avoided and rated AAPL Sell with price target at 399. Also, multiple states are investigating Apple for deceiving customers. AAPL closed down 4.55% to 371.38. AAPL chart plunged below its 20 day moving average, short term trend is down.

2. Microsoft reported better than expected earnings and revenues but provided fiscal Q1 guidance with the Productivity and Business Processes segments below consensus, following the FQ4 segment miss. yesterday. Oppenheimer downgraded stock from Outperform to Perform. MSFT closed down 4.35% to 202.54.  MSFT chart has formed a bearish Double Top pattern. 

3. Tesla reported better than expected earnings and revenues yesterday but sell on earning news drove TSLA closed down 4.98% to 1513.07. Newstreet downgrade TSLA from Buy to Neutral. TSLA's biggest bear Gordon Johnson accused Tesla engaged in accounting games to make their earnings. Johnson reiterates Tesla valuation is detached from reality and warns the company will "hemorrhage cash" in the 2nd half. His maintain his target on TSLA at 87. TSLA chart has formed a Bearish Engulfing pattern.

4. Alphabet  stock is down today as EU demand major concessions on health data from Alphabet over Fibit deal. GOOG closed down 3.37% to 1515.68. 

5. Amazon (AMZN) has been down 3 days in a row and formed a bearish Double Top pattern. AMZN closed down 3.66% to 2985.

6. INTC reported better than expected earnings and revenues and Q3 guidance is better than expected today. However, Gross Margin came in low than expected and the 7 nm chip is delay for 6 months. 

In after hour trading, INTC is down 9.39% to 54.73. If INTC goes down tomorrow, a bearish Head and Shoulder Top pattern would be formed.

7. The aggregate Price to Free Cash flow for AAPL, AMZN and MSFT is near 2000 high.  Will bubble happen again?

Other negatives for the market today are:

1. As US COVID-19 cases come close to 4 millions and news cases top 7000 in a day, situation is still out of control.

2. Initial jobless claims increased to 1.4 million last week from a week before. This means July's conform payroll will likely be down. 

3. US ratchets up China tensions by closing Houston consulate and Trump said more consulates may be closed. China is likely to  close US consulate in Wuhan on Friday.

自3月份触底以来，纳斯达克综合指数持续上涨，并且自5周前便一直创历史新高， 但今天终于遇到障碍。 AAPL，AMZN，MSFT，FB，GOOG，NFLX和NVDA等股票的估值已被伸张过度。当股票估值被伸张过度时，股票往往会朝相反方向发展。下跌今天就发生了，道指，标普500和纳斯达克综合指数分别下跌1.31％，1.21％和2.29％。科技股多的纳斯达克指数下跌最多。自从3月底以来投资者一直追逐股票，并且都到了相信股票永远不会下跌的地部，往往这就是该下跌的时候了。现在股市可能会在在接下来的几周内作下行修正，相信投资者在财报消息发布后获利抛售股票会成为惯性。纳斯达克指数可能会下跌测试9903的50天移动平均线支撑位。如果9903被击穿，则会继续走向8927的200天移动平均线支撑。

导致今天科技股抛售有很多汇集的因素，它们是：

1.高盛（Goldman Sachs）分析师说应该避免买入苹果股票，并将苹果股票AAPL评级定为卖出，一年目标价为399美元。此外，多个州都正在调查苹果有否欺骗客户。 AAPL收盘下跌4.55％至371.38。 AAPL图表显示价位已跌破其20日移动均线，短期趋势下跌。

2. 昨天微软报告的收益和营业额均好于预期，但提供了第一财季指引，生产力和业务流程部门的业绩将会低于预期，这些部门在第四季度已经未能实现增长。奥本海默将MSFT评级从“优于大盘”下调至“大盘表现”。 MSFT收盘下跌4.35％至202.54。 MSFT图表已形成看跌的双顶形态。

3.特斯拉昨天公布了比预期位好的收益和营业额，但由于受消息后获利抛售的推动，TSLA收市下跌4.98％至1513.07。 Newstreet将TSLA从“买入”降级为“中立”。 TSLA的最大熊哥登·约翰逊（Gordon Johnson）指责特斯拉从事会计游戏以达到盈利。约翰逊重申特斯拉的估值与现实脱节的看法，并警告该公司下半年会“大量亏损”。他将TSLA的目标价维持在87。TSLA图表已形成了看跌吞噬形态。

4.今天，Alphabet股票下跌，因为欧盟要求从Fibit交易中获得Alphabet对健康数据的重大让步。 GOOG收盘下跌3.37％至1515.68。

5.亚马逊（AMZN）连续三天下跌，图表形成了看跌的双顶形态。 AMZN收盘下跌3.66％至2985。

6. INTC在盘后报告的盈利和收入均好于预期，并且第三季度的指引也好于预期。但是，毛利率不及预期，而7纳米芯片的推出将延迟了6个月。在盘后交易中，INTC下跌9.39％至54.73。如果明天INTC下跌，将形成看跌的头肩顶形态。

7. AAPL，AMZN和MSFT的价位对自由现金流比率接近2000年泡沫时的高点。会不会再次泡沫？

今天市场上的其他不利因素有：

1.由于美国的COVID-19案件接近400万，全国一天新增案件达到70000起，因此疫情情况仍然无法控制。

2.上周初申领失业金人数较前一周的130万为多，增加了140万。这意味着7月份的非农就业人数会下降。

3.美国通过关闭休斯敦领事馆来加剧与中国的紧张局势，特朗普表示可能会关闭更多领事馆。中国可能于周五关闭美国在武汉的领事馆。

Reality Is Hitting The Sky High Stock Market现实开始冲击过份高涨的股市

Ever since the low in March this year, the US stock market has been flying high. From March lows to July 13 highs, the Nasdaq, S&P 500 and the Dow have risen 63.2%, 47.6% and 43.3% respectively. I have not seen these kind of percentage moves in such a short period in the last forty yeas. 3 days ago  all major market indexes opened high and reversed sharply and closed near their day's lows.  Today, tech stocks are getting sharp sell off. This may well be the end of market surge since March, followings are some of the negatives:

1.  There is no doubt that the main trigger for the market's big run up since March low is due to the Federal Reserve providing liquidity. But the two factors that drive frantic buying are there is no alternative (TINA) and fear of missing out (FOMO). Investors are getting so euphoric and causing disconnects from weak economy, company fundamentals and valuations. Stock prices are so stretched and is ripe for a turn down.

2. High stock prices are disconnecting from weak economy due to the negative impact of COVID-19 pandemic and the situation in the United States is still out of control with infected cases reaching 3,536,277.  The 5th largest economy in the world California rolled back re-opening three days ago. Many states are either pausing or rolling back their re-opening. These will likely drag on the economy again.

3.  Q2 earnings report season starts this week. Goldman Sachs Chief Equity Strategist David Kostin warns that earnings reality about to be review will be uglier than even the pessimists expect. Kostin is predicting earnings will fall by 60% in Q2, the worst since the financial crisis. Analysts consensus Q2 earnings estimate is down 44%. The resurgence of COVID-19 cases in US, corporate management will likely be cautious in future guidance. 

3.  US and China Relations are in free fall. Lines are being drawn as the two superpowers clash over technology, territory and clout, a new geopolitical era is dawning. New York Times wrote:" In a matter of weeks, the Trump administration has imposed sanctions over punitive policies in Hong Kong and China’s western region of Xinjiang. It took new measures to suffocate Chinese innovation by cutting it off from American technology and pushing allies to look elsewhere. Then, on Monday, it tore up China’s claims in the South China Sea, setting the stage for sharper confrontation. " The Trump administration also plans to abandon a 2013 agreement between the US and Chinese auditing authorities, a move that suggests a widespread crackdown on US-Listed Chinese firms sidestepping US disclosure rules is ahead.  US also has announced sanctioning Huawei personals. Simmering Sino-US tensions could derail the rally in global stocks as the US appears to kick financial decoupling with China into overdrive ahead of elections. 

4.  74% of BofA survey respondents said they thought "long tech stocks" is the most crowded trade on Wall Street. The non-stop surge of the tech rich Nasdaq Composite finally ended. As big downside reversal two days ago and follow through big drop today signal downside correction begins.  What goes up must come down. Since big cap tech stocks such as FB, AAPL, AMZN, NFLX, MSFT ,GOOG, NVDA and TSLA have been leading the Nasdaq up, they may start to lead the market down. 

5. According to ZeroHedge report: UBS' head of global family offices told Reuters, the surge in equities from March to May netted significant returns for its wealthiest clients. Now they're disposing of equities by locking in gains and moving money into "illiquid and private assets." UBS is known as "fortress bank for billionaires," because it caters to the world's wealthiest folks. The bank's survey of family offices, 121 in total, each has an average AUM of $1.6 billion.

6. The latest 2020 presidential election poll says 53% support for Biden Vs 43% for Trump. Biden has promised to raise corporate taxes, this is a big negative for the stock market. 

7. Technicals: Nasdaq Composite support:  9742    resistance: 10825,     S&P 500 support:  3060      resistance: 3233

自从今年3月的低点以来，美国股市一直飞涨。从3月的低点到7月13日的高点，纳斯达克指数，标准普尔500指数和道琼斯指数分别上涨了63.2％，47.6％和43.3％。在过去的40年中，我还没有见过在这么短的时间内有这种百分比的增长。三天前，所有主要市场指数均高开并大幅反转，并接近当日低点作收。今天科技股被抛售，这可能是自3月以来股市激增的终结。下面是对股市不利的一些负面因素：

1.毫无疑问，市场自三月低点以来大涨的主要诱因是美联储提供流动性。但是，导致疯狂购买的两个因素是没有其他选择（TINA）和担心错过机会（FOMO）。现在股票价格与疲软的经济脱节。投资者变得过度乐观而忽略了公司的基本面和估值。股票价格如此之高，现在下跌时机已经成熟。

2.美国的COVID-19疫情仍然失控，受感染的病例达到3,536,277。三天前全球第五大经济体加州宣布反转开放。很多其他州也停止开放或反转开放。这势必会再度拖累经济。

3.第二季度收益报告季节将从本周开始。高盛（Goldman Sachs）首席股票策略师戴维·科斯汀（David Kostin）警告说，即将受到审查的盈余现实将比悲观者所预期的还要丑陋。 Kostin预测第二季度收益将下降60％，这是自金融危机以来最糟糕的时期。分析师普遍预期第二季度收益会下降44％。由于美国COVID-19新增案件的再度攀升，公司管理层在对未来的指引中可能会持谨慎态度。

3.中美关系处于自由落体状态。随着两个超级大国在技术，领土和影响力方面发生冲突，界限正在划定，一个新的地缘政治时代即将来临。 《纽约时报》写道：“在短短几周内，特朗普政府对香港和中国西部地区的新疆的惩罚性政策实施了制裁。它采取了新措施，通过切断美国的技术并敦促盟友向中国以外寻求发展，以扼杀中国的创新。然后在星期一，美国撕毁了中国在南中国海的主张，为进一步的对抗打下了基础。“特朗普政府还计划放弃美国和中国审计当局之间的2013年协议，此举即将对在美国上市的中国公司避开美国的披露规则采取全面的镇压措施。美国还宣布制裁华为人士。紧张局势缓和可能会拖累全球股市，美国似乎要在选举前将与中国的金融脱钩带入了超速行列。

4. 74％的美国银行调查受访者表示，他们认为“买入科技股”是华尔街上最拥挤的交易。科 技股指数纳斯达克综合指数的不间断上涨终于结束了。 由于两天前的大幅下行逆转以及今天的大幅下跌，标志着下行修正开始。 有升必有降， 由于诸如FB，AAPL，AMZN，NFLX，MSFT，GOOG，NVDA和TSLA之类的大型科技股一直引领纳斯达克上涨，它们可能会导致市场下跌。

5. 根据ZeroHedge的报告：瑞银（UBS）全球家族办公室负责人告诉路透社（Reuters），3月至5月股市飙升为其最富有的客户带来了可观的回报。 现在，他们通过锁定收益并将资金转移到“非流动性和私人资产”来处置股票。 瑞银被称为“亿万富翁堡垒银行”，因为它迎合了世界上最富有的人。 该银行对家族办公室的调查共有121个，每个家族的平均资产管理规模为16亿美元。

6.最新的2020年总统大选民意测验显示，拜登的支持率为53％，而特朗普则只为43％。拜登已承诺若果当选将会提高企业税，这对股票市场将是一个很大的负面影响。

7.  7.技术参数：纳斯达克综合支撑：9742阻力：10825,      标普500支撑位：3060阻力位：3233