Monday, January 30, 2023

🔮After Decades of False Predictions, This One May Come True

Good morning. For decades, many have predicted that the US dollar would decline from a global...
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. For decades, many have predicted that the US dollar would decline from a global currency into a national currency. Previous countries having the world's global reserve currency, most recently the United Kingdom, have seen such a decline.

The process is long and gradual. And cracks are starting to appear in the dominance of the US dollar. The biggest crack is that Saudi Arabia is looking at shifting from using the dollar for the global oil trade. That could prove sufficient to meaningfully reduce the dollar, although it will likely still long dominate global trade.

As the dollar shrinks in prominence, however, US investors may want to look at increasing their international holdings. That's because the relative decline of one currency may mean the rise of others. Right now, that could include several regions and countries, such as the European Union and China.

Now here's the rest of the news:

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MARKETS
DOW 33,978.08 +0.08%
S&P 4,070.56 +0.25%
NASDAQ 11,621.71 +0.95%
*As of market close
Markets continued higher on Friday, continuing Thursday's jump higher.
Oil dropped 2.0 percent, closing at $79.40 per barrel.
Gold dipped 0.1 percent, going for $1,928 per ounce.
Cryptocurrencies traded flat, with Bitcoin at $23,132 at the market close.

Today's TOP TIPS
This Trend Will Continue – Invest While Markets Are Fearful
Economies change over time. The U.S. economy is largely driven by consumer spending. Most of the goods that consumers spend money on are made overseas, where labor is cheaper.

But that's starting to change. A big reason why is automation. Rather than employ factory workers, technology allows for goods to be made with minimal human interaction. That's making it easier for manufacturers to operate in the high-cost United States.

» FULL STORY

Insider Trading Report: Lockheed Martin (LMT)
John Donovan, a director at Lockheed Martin (LMT), recently added 556 shares to his holdings. That increased his stake by 31 percent, and came to a total cost just under $251,000.

The director was responsible for the last insider activity, with a 568 share buy back in October. Over the past year, the director has made four purchases. And one company vice president has been a seller of shares.

» FULL STORY

Unusual Options Activity: AngloGold Ashanti (AU)
Gold mining company AngloGold Ashanti (AU) has fared well in the past year, with a 20 percent gain. One trader sees a pullback in the coming months.

That's based on the April $20 puts. With 80 days until expiration, 5,002 contracts traded compared to a prior open interest of 115, for a 44-fold rise in volume on the trade. The buyer of the puts paid $0.90 to make the bearish bet.

» FULL STORY

IN OTHER NEWS
Consumer Spending Drops in September

Consumer spending dropped 0.2 percent in December compared to the prior month. Overall, consumers decreased spending on household goods, but saw a slight increase in purchases for services. The declining spending is a sign of a slowing economy, but will also help fuel a further drop in inflation.
Pending Home Sales Post Surprise Increase

Pending home sales rose 2.5 percent in December compared to November. That's the first time the data has trended higher in six months, and may be a sign that the housing market is adjusting to the big changes in mortgage rates over the past year.
CVS and Walmart Cut Pharmacy Hours

Citing a staffing shortage, drugstore chains CVS (CVS) and Walmart (WMT) are cutting hours of operation for pharmacies at thousands of locations. Walmart is closing its pharmacies two hours earlier on average, to 7 PM at 4,600 locations, and CVS is shifting hours at about 6,000 locations.
White House Approves 16 Million for Student Loan Relief

The U.S. Department of Education has approved student loan forgiveness for more than 16 million people, according to the Biden Administration. The forgiveness program would forgive at least $10,000 per borrower, and up to $20,000. The program is currently under legal review.
Kittl Raises $11.6 Million in Series A Funding

Kittl, a design platform company based out of Berlin, has secured $11.6 million in Series A funding.The company is looking to disrupt companies like Adobe (ADBE), by offering a simpler design platform with a lower learning curve.

S&P 500 MOVERS
TOP
TSLA  11%
AXP  10.54%
LHX 7.917%
RHI 5.433%
BXP 5.226%
BOTTOM
HAS 8.106%
KLAC 6.855%
INTC 6.414%
EMN 5.373%
CL 5.217%

Quote of the Day
The markets continue to play ping-pong, unable to breakdown, yet also seemingly unable to create escape velocity. We think this is largely due to the ongoing mixed macro message, as the market is struggling to decide how good and bad news should be interpreted.
- Jonathan Krinsky, analyst at BTIG on why the mixed earnings season is likely to lead to volatile markets over the next few weeks, which may not result in a clear trend in either direction.

Sponsored Content
7 Figures Each of the Last 3 Years (Do I Have Your Attention Yet?)
You've never seen a 7-figure trading strategy work so well, so fast.

I say that, because I've Beta Tested this strategy for each of the last three years.

And each year, this system was able to generate over a million dollars in trading gains.

Also true: Each of these 3 years, it took just 11 trades to hit our 7-figure milestone.

In our most recent test, we produced a stunning new record:

As much as $1.17 million – in our best time yet: just 8 months.

Click here for details and proof.

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