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.

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Prices as of 4 pm EST, 9/2/22; % YTD

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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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MEME OF THE DAY