Good Morning Everyone!
Hedge Fund leverage is near all-time lows and retail investment accounts have record cash. Sounds like we’re closer to stock market bottom than top.
Prices as of 4 pm EST, 9/19/22; % YTD
MARKET UPDATE S&P
- Sitting on 3900-support ahead of FOMC meeting tomorrow
- Decision at 2 p.m. tomorrow
10yr 3.5% highest level since 2011
2 yr 3.9% highest level since 2007
- Only 16% of the S&P 500 stocks have dividend yields higher than the 2-year Treasury
- Lowest since 2006
US$ 109.7
C$ 75
Crude 85 flat
- International Energy Agency called for a global ban on petrol and diesel cars by 2035
- Electric cars are currently 1% of global car sales
- The IEA says this needs to increase to 20-25% by 2030.
Ford (NYSE: F)
- Cuts Q3 guide on shortages and inflation
- Ford expects to end Q3 with over $2 billion worth of vehicles (40-45 vehicles) awaiting parts, pushing profit to Q4
- Supply chain tightness not over yet
- Ford announced based on recent negotiations, inflation-related supplier costs will run higher in Q3
Earnings: None
CRYPTO UPDATE Nasdaq’s big crypto push
-
New Nasdaq Digital Assets unit
- Run by former Gemini employee
- Offer custody services for BTC (CRYPTO: BTC) and ETH (CRYPTO: ETH) to institutional investors
- Competing with Coinbase (NASDAQ:COIN), Anchorage Digital, Bit Go, etc.
- Open to exploring partnerships and deal opportunities
SEC charges influencer over unregistered 2018 ICO (initial coin offering)
- ICO charge is not the big story
- SEC’s language suggests it believes ALL Ethereum transactions fall under its purview
- “Saying that enables [the SEC] to characterize doing business on the Ethereum blockchain, as doing business on a US securities exchange” - Brian Fyre (University of Kentucky law professor)
Bitcoin supply
- Supply held by long-term holders (HODLers) reaches new ATH at 13.62 million
- HODL: 65% of Bitcoin’s supply hasn’t moved in at least a year:
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