Monday, November 28, 2022

👇Is the Bottom in for Crypto?

Good morning. Cryptocurrencies seemed to have bottomed before markets did in September… at least...
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 seemed to have bottomed before markets did in September… at least until the collapse of FTX, the second-largest cryptocurrency brokerage at the time. Now, with many cryptos at multi-year lows, the question is whether the bottom is in.

Now, some investors are making headlines in the space. Crypto bank Silvergate Capital (SI) just had an activist investor pick up nearly 10 percent of shares. And proposals are flying for a crypto bailout fund, which could be used to pick up bankrupt players. It'll take time for confidence to come back to the sector, but until then, the big crypto projects are likely going to continue attracting investor interest and growing their networks, cyclical bottom or not.

Now here's the rest of the news:

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MARKETS
DOW 34,347.03 +0.45%
S&P 4,026.12 -0.03%
NASDAQ 11,226.36 -0.52%
*As of market close
Stocks traded mixed on Friday, in a short session after Thanksgiving.
Oil dipped 1.5 percent, at $76.78 per barrel.
Gold rose 0.4 percent, hitting $1752 per ounce.
Cryptocurrencies traded mixed, with Bitcoin last going for $16,506 at the stock market close.

Today's TOP TIPS
Bear Markets Are Boom Times for Value Investors
Value investors are often ignored or derided during a bull market. That's because high-growth names tend to take off. But when markets sell off, more value stocks emerge. Those who buy into value names can earn above-average returns, and often do so with less volatility.

Investing in such stocks makes it easier to compound wealth over time, and often makes it easier to ride out extreme market conditions. Long-term investors can find a number of value names today.

» FULL STORY

Insider Trading Report: C.H. Robinson Worldwide (CHRW)
Henry Maier, a director at C.H. Robinson Worldwide (CHRW), recently bought 1,000 shares. The buy increased his holdings by 108 percent, and came to a total cost of just over $96,000.

The director previously bought 922 shares back in August as an initial stake in the company. Over the past three years, company executives have been largely sellers of shares, while company directors have been more inclined to buy.

» FULL STORY

Unusual Options Activity: Morgan Stanley (MS)
Shares of investment bank Morgan Stanley (MS) are down about 12 percent in the last year, but have been trending higher in recent weeks. One trader sees the current uptrend continuing in the next few sessions.

That's based on the December $94 call. With 18 days until expiration, 2,907 contracts traded compared to a prior open interest of 135, for a 22-fold rise in volume on the trade. The buyer of the calls paid $0.85 to make the bet.

» FULL STORY

IN OTHER NEWS
Black Friday Sales Look Strong as Consumers Adjust to Inflation

Early shopping data indicates that consumer sales are off to a strong start for the holidays season. However, there are some trends that point to a few potential signs that consumers are still adjusting to inflation. One is that consumers appear to be looking for real bargains and not just prices that are marked down from marked-up levels.
Beijing Implements Covid Lockdowns

Beijing, the capital city of China, has started locking down apartment compounds as the city is dealing with an outbreak of Covid 19. The country has been quick to shut down entire cities on a Covid outbreak. The lockdowns are being set at 7-days to start.
Coffee Prices Look Set to Reverse Higher

Coffee, the commodity that's seen a big drop in prices this year, appears to be getting oversold. That's due to factors such as an optimistic outlook for weather in Brazil in the coffee growing season, as well as a collapse in the Vietnamese currency, two trends which may reverse in the coming months.
Twitter to Launch Verified Service Feature

Social media platform Twitter will launch a "verified service" feature this week. The move will designate corporate and government accounts in an attempt to cut back on spam and fake accounts. Companies will get gold check marks, and government accounts will get gray check marks.
Binance Launches Proof-of-Reserve Systems

Cryptocurrency exchange Binance is rolling out a new website explaining its proof-of-reserves system. The move comes as other exchanges have gone bankrupt in recent weeks, and as other Bitcoin custodians have declined to provide proof that they have the crypto on hand for customers.

S&P 500 MOVERS
TOP
KR  2.508%
UHS  2.376%
MOS 2.312%
DVA 2.255%
RL 2.213%
BOTTOM
JD 5.32%
TCOM 4.279%
ATVI 4.074%
ALB 3.903%
BIDU 3.753%

Quote of the Day
Investors can reasonably assume that the Fed will hike rates by 50 basis points at the upcoming meeting. Recession looks more and more likely for the upcoming year and if the Fed responds accordingly, a recession may turn out to be short and shallow.
- Jeffrey Roach, chief economist at LPL Financial, on the Fed's final rate hike of 2022, which will likely be at a slower pace based on comments from the central bank's November meeting minutes.

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