Friday, May 20, 2022

☝️One Sign Crypto May Be Bottoming Out☝️

Good morning. Cryptocurrencies have moved materially off their lows from last week, following the...
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.

Good morning. Cryptocurrencies have moved materially off their lows from last week, following the implosion of a top-10 crypto by market cap, Terra/Luna. As a stablecoin designed to trade on par with the US dollar, the project was held up by a staking mechanism that offered returns of 20 percent annually. That attracted a lot of capital – but also didn't fit with a tie into the dollar.

As Terra/Luna collapsed, as many as 80,000 bitcoins valued at $3.2 billion were dumped onto markets. So given how the space is trading now – and how Tether, another stablecoin project has worked to de-risk its reserves, this may be an early sign of crypto bottoming out, at least for now.

Now here's the rest of the news:

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MARKETS
DOW 31,253.13 -0.75%
S&P 3,900.78 -0.58%
NASDAQ 11,388.50 -0.26%
*As of market close
Stocks continued lower on Thursday, with the S&P 500 nearing bear market territory.
Oil rose 1.6 percent, closing at $111.36 per barrel.
Gold rallied 1.4 percent, ending at $1,842 per ounce.
Cryptocurrencies slightly rose, with Bitcoin at $29,979 at the stock market close.

Today's TOP TIPS
Look For Companies That Can Succeed in New Growth Endeavors Now
Bear markets offer companies the ability to refocus and retrench. Companies that look toward the future when times are tough can rapidly expand into new growth areas ahead of the next economic swing higher.

That can leave them positioned to take advantage of new opportunities that don't sound appealing when markets are dropping. The housing crash in 2008 led many investors to avoid potential growth stories in the new technology of electric cars or to overlook the development of smartphones and apps.

» FULL STORY

Insider Trading Report: DISH Network Group (DISH)
James DeFranco, a director at DISH Network Group (DISH), recently picked up 1,250,000 shares. The buy increased his stake by over 154 percent, and came to a total purchase price of just under $24.3 million.

The buy comes a day after another company director picked up 5,000 shares for just over $95,000. Going further back, the last insider buys occurred in July 2019, and company insiders have generally been moderate sellers of shares over the past three years.

» FULL STORY

Unusual Options Activity: FedEx Corporation (FDX)
Shares of freight and logistics company FedEx Corporation (FDX) have lost over one-third of their value in the past year. One trader is betting on a further decline.

That's based on the July $180 put. With 56 days until expiration, 15,182 contracts traded compared to a prior open interest of 661, for a 23-fold rise in volume on the trade. The buyer of the puts paid $6.80 to get in.

» FULL STORY

IN OTHER NEWS
Jobless Claims Rise to January Highs

Initial jobless claims rose 21,000 from the prior week, hitting a level of 218,000. That's the highest level since the end of January, when jobless claims rose to 222,000. The rising level of jobless claims may indicate that hiring in the labor market is slowing down as companies consider their needs amid a slowing economy.
Home Sales Drop, But Prices Hit Another Record High

Home sales have dropped again, for the third month in a row. But as sales have dropped, prices have continued to rise. The median home sale hit $391,200 for April, up 14.8 percent compared to April 2021. The slowing pace of annual growth is yet another sign that the red-hot housing market is finally starting to cool.
Apple Grabs Majority of Smartphone Market Share in North America

Tech giant Apple (AAPL) reports that sales of the iPhone 13 allowed the company to grab 51 percent of the total smartphone market in the United States, thanks to 19.9 million units sold. That's a 45 percent increase from the same quarter a years ago. Samsung held steady in second place, with a 28 percent market share.
Tesla Booted from ESG Index

Electric vehicle company Tesla Motors (TSLA) has been booted from the S&P 500's ESG index. The reasons for the removal are stated to be the lack of a "low carbon strategy" and the lack of any "codes of business conduct." CEO Elon Musk states that ESG metrics are more about a message and ideology than any environmental benefit, and even called the metrics the "Devil Incarnate."
Crypto Broker FTX Expands into Stocks

FTX, a crypto-trading brokerage firm, is expanding its operations into trading stocks. A limited number of US-based users will be the first to use the hybrid platform. A number of traditional stock brokerages have dipped their toe into offering cryptocurrency investments in recent months.

S&P 500 MOVERS
TOP
SNPS  10.662%
MKTX  7.167%
GNRC 6.62%
ENPH 6.538%
CDNS 5.957%
BOTTOM
UA 15.808%
CSCO 13.637%
UAA 12.108%
BBWI 5.857%
PM 5.806%

Quote of the Day
While we've experienced high levels of inflation in our international markets over the years, U.S. inflation being this high and moving so quickly, both in food and general merchandise, is unusual.
- Doug McMillon, CEO of Walmart (WMT), on the company's surprise loss as inflation in the US remains near a multi-decade high.

Sponsored Content
Proof That a CRASH is Coming
I've pinpointed an obscure pattern that PROVES a market crash is coming…

A pattern that has preceded nearly EVERY market crash in HISTORY…

And that's set to kickstart the NEXT CRASH
at exactly 2:20 p.m. on June 15th.

That's why I've prepared a special "Crash Rescue Kit" for you…

Which could not only SAVE yourself from the coming financial disaster…

It could actually help you PROFIT from it – even while the market TANKS.

Click here now to claim yours while it's still available.

This ad is sent on behalf of Paradigm Press, LLC, at 1117 St. Paul Street, Baltimore MD 21202. If you're not interested in this opportunity from Paradigm Press, LLC, please click here to remove your email from these offers.


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