1 Month Left In Q3

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 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 AAPL: Product launch date is Wednesday

CVS CVS: In advanced talks to buy Signify Health SGFY for $8 billion

Beat out Amazon AMZN and United Health UNH

Disney DIS: CNBC reported Disney will purchase the rest of Hulu as planned from Comcast CMCSA

Netflix 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 BTC/USD outflows $11 million (4th straight week of outflows)

  • Altcoins saw minor inflows (led by Solana SOL/USD , Avalanche AVAX/USD

  • Record inflows to short-Bitcoin products

Bitcoin - share of smaller network participants is increasing


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