Yeah seems like the bond market will close early on Friday but business as usual for the stock market this Friday
Yeah I am not feeling bullish until inflation is starting to ease sharply from where we are now, we probably will see a recession and we probably can't bottom until we see the recession becoming the reality
China’s Shock Covid Shift Adds Fuel to World-Beating Stock Rally (yahoo.com) China outperforming lately They were deep in the bear market though while we were enjoying the bull market here in the US so we might see some divergence here although it is hard to be bullish on any market when the US market is in a bear market
Top of the morning Stockaholics! Happy Hump Day to you all! And welcome to the new trading day and a frrrrrrrrrrrrrrrrresh start. Here is a quick check on those futures as we are just under 3 hours from the cash market open. GLTA on this Wednesday, June the 29th, 2022.
Morning Lineup - 6/29/22 - Limping into Halftime Wed, Jun 29, 2022 After two days in a row where the S&P 500 opened firmly in positive territory but gave up all of those gains and then some throughout the trading day, futures were lower earlier on but have picked up a little bit of steam as we approach the opening bell. Treasury yields are lower this morning as investors shift out of risker assets on economic concerns. On the economic calendar, revised GDP was just released and came in slightly weaker than expected at a level of -1.6% versus forecasts for a decline of 1.5%. Personal Consumption significantly missed expectations (1.8% vs 3.1% estimate), GDP Price Index came in higher (8.2% vs 8.1%), and Core PCE was also revised higher (5.2% vs 5.1%). Lower than expected growth and higher than expected inflation. Not exactly the combination equity investors want to see. After opening firmly in positive territory yesterday and trading up over 1% in early trading, the S&P 500 steadily traded lower throughout the trading day and finished near the lows of the day with a decline of over 2%. Intraday reversals like these where the market opens strong only to have the rug pulled out from under it really do a number on what is already battered investor sentiment. 2022 isn’t even half over, but yesterday’s reversal is already the fourth time this year that the S&P 500 has traded up at least 1% at some point in the trading day only to finish down over 1%. The other three days were 1/20/22, 4/21/22, and 5/11/22. The year is less than half over, but if it ended today, 2022 would already rank as the third-largest number of negative reversals of this magnitude in a calendar year behind only 2008 (12) and 2009 (7). Like an old pair of socks, this market just can’t stay up.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading on this Wednesday, June the 29th, 2022! https://www.reddit.com/r/StockMarket/comments/vnfccw/629_wednesdays_premarket_stock_movers_news/
US economy contracted more than initially reported in Q1 (yahoo.com) Q1 is officially negative for the US economy (it is the final reading today I think), if Q2 is negative as well then we would be in a recession officially
Weeeeeeee we're going broke. I would expect a slow walk up the hill this time. Wait until all the crops and livestock that were produced on $5 a gallon fuel hit the market. The tiny $20 chunk of beef we just bought was a bargain.
Top of the morning Stockaholics! Happy Thursday to you all! And welcome to the final trading day of June and of Q2. Here is a quick check on those futures as we are a little over 3 hours from the cash market open. GLTA on this Thursday, June the 30th, 2022.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading on this Thursday, June the 30th, 2022! https://www.reddit.com/r/StockMarket/comments/vo6uop/630_thursdays_premarket_stock_movers_news/
Morning Lineup - 6/30/22 - Good Riddance Thu, Jun 30, 2022 Could you think of a more fitting finish to the worst first half of a trading year in more than 50 years? Maybe a 5% decline instead? Futures are indicated lower this morning with the S&P 500 trading down more than 1.4%. Economic concerns continue to weigh on sentiment as PMI data in China for June rebounded but came in weaker than expected while Industrial Production in Japan also showed considerable weakness and badly missed forecasts. Stocks in Europe are also lower this morning, although economic data wasn't as bad relative to expectations. Given the economic weakness and plunging stock prices, Treasury yields are falling both in the US and Europe. The 2-Year US Treasury yield is back below 3%, while the 10-year yield at 3.03% isn't that far behind. On the economic front, at 8:30, we'll get updates on Personal Income (inline), Personal Spending (weaker), PCE Deflator (lower than expected), and Jobless Claims (generally inline), and then at 9:45 we'll get the June read of the Chicago PMI. In response, futures have bounced, but the S&P 500 is still indicated to open down by 1%. If current levels in SPY hold, today will be just the 15th time since the ETF's inception in the early 1990s that it gapped down more than 1% on the last trading day of the month. Of those 14 prior occurrences, only three were also on the last trading day of the quarter, and today will be the first time that it gapped down this much on the last trading day of the half. In terms of how SPY traded from the open to close on these days, the average (0.54%) and median (+0.49%) return is actually better than the average for all last days of a month since 1993. However, while the sample size is small, on all three days that SPY gapped down 1%+ to close out the quarter, traders weren't in a rush to snap up any bargains as SPY traded lower from the open to close all three times.
FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale: sources (cnbc.com) The term sheet is almost over the finish line and expected to be signed by the end of the week, according to one source, who asked not to be named because the deal discussions were confidential. FTX is expected to pay roughly $25 million — 99% below BlockFi’s last private valuation. Jersey City, New Jersey-based BlockFi was last valued at $4.8 billion, according to PitchBook.
Zac Prince on Twitter: "Lots of market rumors out there - I can 100% confirm that we aren’t being sold for $25M. I encourage everyone to trust only details that you hear directly from @BlockFi. We will share more w you as soon as we can." / Twitter
Based upon the price action and the charts, even 3760 now is risky. I'd like a test of the 3700 level if possible. Again, the price could rally from this level. But, I also thought that when the price was at the 3950 level just a few days ago and here we are today, at one point, at the 3750 level. So, the 3700 level, I think, is not completely out of the picture, based on my price action theory.
Stocks fall, S&P 500 posts worst first half in decades (cnbc.com) Wow what a first half we had and the bears must be loving it so far this year Micron Technology, Inc. Reports Results for the Third (globenewswire.com) MU is now down over 4% after earnings, semiconductors stocks have been awful so far this year
US: Atlanta Fed GDPNow for Q2 drops to -1% from +0.3% (fxstreet.com) Looks like a recession is pretty likely now
Top of the morning Stockaholics! Happy Friday to you all! And welcome to the final trading day of the week, and the first trading day of July and of Q3 and a frrrrrrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little under 3 hours from the cash market open. GLTA on this Friday, July the 1st, 2022.
