Good Morning Everyone!
Remember, in 2021 everyone said cash is trash. In 2022, it became the biggest bull market on the planet. Investing is hard.
Prices as of 4 pm EST, 9/2/22; % YTD
MARKET UPDATE The S&P 500 has been below its 200 day moving average for more than 100 trading days.
The longest streak since the Financial Crisis.
QQQ (NASDAQ: QQQ) have retraced 1/2 of the 24% rally off the June lows
It’s conference season. Who will lower guidance?
Hedge Fund leverage at 5 year lows
U.S Dollar Index Hits New High for 2022 (+14.9% YTD)
ISM today
- Thursday: ECB rate decision
Crude 86.70 flat
- OPEC+ a symbolic 100,000/day cut
- The message from Saudi is that they are going to maintain control
- It does not matter that OPEC+ isn’t close to producing at its current quotas.
- What matters is what the Saudi’s do.
China this weekend locked down about 60% of Guiyang, city of 6 million.
- Chengdu is in a lockdown and it was hit with an earthquake that killed 65 people.
- 70 Chinese cities have been placed under lockdown since late August, impacting more than 300 million people
- Safety in China is the number-one goal.
- China has rolled out economic support in August but authorities continue to reiterate that they do not intend to open the floodgates on stimulus.
Germany moved to keep 2 nuclear plants available this winter in a policy reversal
Apple (NASDAQ: NASDAQ:AAPL): Product launch date is Wednesday
CVS (NYSE: CVS): In advanced talks to buy Signify Health (NYSE: SGFY) for $8 billion
Beat out Amazon (NASDAQ: NASDAQ:AMZN) and United Health (NYSE: UNH)
Disney (NYSE: DIS): CNBC reported Disney will purchase the rest of Hulu as planned from Comcast (NASDAQ: NASDAQ:CMCSA)
Netflix (NASDAQ: NASDAQ:NFLX): CNET reported that Netflix with ads will launch on Nov. 1. In countries including US, Canada, UK, France and Germany
Earnings None
CRYPTO UPDATE Digital asset flows
- Bitcoin (CRYPTO: BTC) outflows $11 million (4th straight week of outflows)
- Altcoins saw minor inflows (led by Solana (CRYPTO: SOL) , Avalanche (CRYPTO: AVAX)
- Record inflows to short-Bitcoin products
Bitcoin - share of smaller network participants is increasing
MEME OF THE DAY
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