Micro Today Ahead Of Macro Tomorrow


Incremental Chinese stimulus

  • US $146 billion ($1 trillion yuan) focused on infrastructure spending

  • Volumes remain near the lows for the year

10yr       3.1%  (Climbing)

More clarity today on how hawkish the Fed intends to be

  • Kansas City Fed President Esther George at Jackson Hole

  • “may have to take rates above 4%”

Balanced Portfolios are down in 2022

  • Year to date

    • S&P 500    -13%

    • U.S. Gov’t and Corporate Bonds   -12%

The only years that have seen both stocks and bonds at a loss by end of August

  • 1973

  • 1974

  • 1981

Crude    95           flat

Tesla TSLA

  • 3-for-1 stock split today

  • California set to vote on the ban of gasoline powered cars by 2035

  • California is the largest auto market in the U.S.


Nvidia NVDA -3%, guide lower for gaming

Salesforce CRM -5%, guide was light

Snowflake SNOW +16%, beat and raise, short squeeze

Autodesk ADSK +6%

Splunk SPLK  -1%

Williams-Sonoma WSM +3%, EPS beat

Dollar General DG -2%, EPS beat, not raising guide

Dollar Tree DLTR -8%, reported in-line but cutting guide

Peloton PTON -16%

Under the Radar


Depository Trust & Clearing Corp (DTCC): Project Ion

  • Huge institutional adoption piece

  • DTCC process virtually every trade in $40 trillion US stock market

  • Joining crypto-revolution

  • Testing private blockchain - Project Ion

  • Processing +100,000 trades per day

  • Big implications for settlement times

    • Potential to avoid meme-stock-fiascos

Global crypto traffic

  • Traffic on exchanges dominated by US, 14.3%

  • South Korea, 6.5%

  • Russia, 4.9%

  • Turkey, 3.5%

  • Japan, 2.6%

These are the tickers dominating the news headlines:

data from Swaggy Stocks

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