| | | | DOW 33,064.14 | -1.91% | | | | S&P 4,138.37 | -2.13% | | | | NASDAQ 12,381.57 | -2.55% | | | | *As of market close | | • | Stocks sank again on Monday, following up on Friday's strong decline. | | • | Oil dipped 0.1 percent, closing at $90.67 per barrel. | | • | Gold slid 0.8 percent, last going for $1,749 per ounce. | | • | Cryptocurrencies generally dropped, with Bitcoin at $21,068 at the stock market close. | | | | | | | | | | For Patient Investors, It's Time to Follow the Smart Money | | | | Every quarter, hedge funds, investment firms, and other notable individuals have to update their stock holdings with the SEC, via a 13F filing. The data can show what moves investors have made in the past few months. With the market still coming off a correction, looking at the data as a whole, investors can see where the broadest number of major investors were the most bullish. Following this smart money can tend to outperform the market over time. » FULL STORY | | | | | | Insider Trading Report: MGM Resorts International (MGM) | | | | IAC Inc., a major owner of MGM Resorts International (MGM) has been picking up shares with multiple buys in the past week. That includes a 279,800 share buy, for just under $10 million, and another buy for 283,700 shares, also for just under $10 million. Both buys increased the company's holdings by nearly 1 percent. That's the first insider buy at the company since June, when a director picked up 38,000 shares, paying just over $1.1 million. » FULL STORY | | | | | | Unusual Options Activity: Conoco Phillips (COP) | | | | Shares of oil and gas major Conoco Phillips (COP) have nearly doubled over the last year thanks to strong oil and gas prices. One trader sees further upside ahead for the company. That's based on the September $120 calls. With 24 days until expiration, 12,135 contracts traded compared to a prior open interest of 218, for a 56-fold rise in volume on the trade. The buyer of the calls paid $0.61 to make the bet.
» FULL STORY | | | | | | • | IPO Market Set for Worst Return in Two Decades
A combination of factors has caused the IPO market to have its worst year in two decades. That's in stark contrast to two years ago, which started one of the best periods of IPOs in the US. The combination of rising inflation and interest rates, as well as political uncertainty have now cut back on those prospects. | | | | • | Majority of Small Businesses Report Recession Conditions
A majority of small business owners – 71 percent – feel that the economy is already in a recession. That's due to rising prices eating into company budgets and profit margins, at a time when interest rates are continuing higher. Many companies expect conditions to continue, and have scaled back on expansion plans until conditions improve. | | | | • | European Gas Prices Rise on Russian Pipeline Shutdown
Fuel prices continue to rise in Europe. Natural gas prices have sparked higher, as unscheduled maintenance has started on the Nord Stream 1 pipeline. The pipeline expects to be shut down for three days, but some view the shutdown as a reminder to Europe about its dependence on Russian energy sources. | | | | • | Mexico City Becomes Remote Work Haven for US Expats
A rise in remote work trends has been international in scope. Now, a record number of US expats are residing in Mexico City, where costs are far lower than in the US. However, this rise is pricing out locals. Estimates are that there are more than 1 million US citizens touring Mexico compared to the same period in 2019. | | | | • | MoviePass Prepares to Return
MoviePass is planning to return following Labor Day, just missing the summer movie season. This time around, the service will offer one of three pricing tiers, at $10, $20, or $30 per month. This time around, there will be no unlimited option for users, a factor in the original bankruptcy of MoviePass. | | | | | | TOP | | MOS | 3.438% | | | ALB | 2.104% | | | CF | 2.068% | | | BIDU | 1.804% | | | APA | 1.77% | | | BOTTOM | | WBD | 7.429% | | | APTV | 7.372% | | | KMX | 6.658% | | | MAC | 6.094% | | | NFLX | 6.062% | | | | | | | | | I wouldn't expect a complete reversal going back to the June lows or something like that, however, the choppiness we're seeing today and this week does reflect a lot of the bear case that's out there. I think seeing the market trade sideways or seeing a bit of a pause in that rally definitely makes sense based on some of the facts that we're seeing out there. | | - Mike Bailey, analyst at FBB Capital Partners, on why the market appears poised to head lower in the coming weeks and months, although why it may not make and new lows for the year. | | |
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