🥊Oil to Trend Lower Following This One-Two Punch

Good morning. While energy was last year's market winning sector, this year is likely to be...

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. While energy was last year's market winning sector, this year is likely to be different. Energy prices are already well off their highs from last year. But trends are pushing towards lower energy prices, particularly for oil. The first trend is a slowing global economy. Fears of a slowing economy have already taken oil down to about $70 per barrel, just weeks after OPEC announced a production cut. Now, we're seeing the strategic petroleum reserve (SPR) continue to be drained. The past week saw the Biden administration lower reserves by 2 million barrels – the fifth straight week of declines. While lower oil prices could make it cheaper to restock the SPR, in the meantime, the trend is against energy plays now. Traders in the sector may want to look at trades betting on further downside. Now here's the rest of the news: Sponsored Content The "Bitcoin Killer" Cryptos that Hedge Fund Managers are Betting On! 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Clicking automatically opts you into Boardwalk Flock's newsletter (privacy policy) MARKETS DOW 33,414.24 -0.80% S&P 4,090.75 -0.70% NASDAQ 12,025.33 -0.46% *As of market close • Stocks slid on Wednesday, as the Federal Reserve raised interest rates to 5 percent. • Oil dropped 4.8 percent, closing at $68.22 per barrel. • Gold jumped 1 percent, ending the day at $2,043 per ounce. • Cryptocurrencies traded slightly lower, with Bitcoin at $28,332 at the stock market close. Today's TOP TIPS Focus on Long-Term Trends, Not Short-Term Noise Earnings season can create a tremendous amount of short-term noise. Companies tend to focus on 90-day sprints, rather than the long run, to keep Wall Street happy. But even with that short-term focus, a company can be working towards long-term goals and get hung up in the short run. That's especially true when a company plays to long-term trends but hasn't seen the cycle turn favorable for those trends yet. » FULL STORY Insider Trading Report: Markel Corporation (MKL) Lynne Puckett, a director at Markel Corporation (MKL), recently bought 75 shares. The buy increased her holdings by 8 percent, and came to a total cost of $100,550. Other insiders have been buyers this year, including two directors in February, as well as the company CEO. Insiders have generally been buyers over the past year, but were more likely to be sellers two years ago. » FULL STORY Unusual Options Activity: Cardinal Health (CAH) Healthcare services company Cardinal Health (CAH) has been trending higher in the past few months, and even recently set a new 52-week high. One trader sees shares pulling back by the start of next year. That's based on the January 2024 $55 puts. With 260 days until expiration, 4,000 contracts traded compared to a prior open interest of 135, for a 30-fold rise in volume on the trade. The buyer of the puts paid $0.68 to make the bearish bet. » FULL STORY IN OTHER NEWS • Payrolls Rise Higher Than Expected Private payrolls rose 296,000 in April. That's more than double expectations for a 133,000 rise, and is well over March's 142,000 number. The fastest growth came from the leisure and hospitality sector, then education and construction. The manufacturing and financial sectors saw small losses. • Nordstrom Leaving San Francisco Retailer Nordstrom (JWN) is closing its two locations in San Francisco. The company is citing the "dynamics" of the area, which has seen less traffic since the pandemic and higher crime rates, particularly retail theft. The locations are expected to close this summer. • Darden Restaurants Makes Bid for Ruth's Hospitality Group Darden Restaurants (DRI), the owner of chains such as Olive Garden, has made a bid to buy Ruth's Hospitality Group (RUTH) in an all-cash deal. The buyout offer values the steakhouse chain at $715 million, and is a 34 percent premium to the stock's prior closing price. • Bed Bath & Beyond Prepares for Delisting Bankrupt retailer Bed Bath & Beyond (BBBY) has started the delisting process, with shares coming off the Nasdaq on Wednesday. The retailer is looking to wind down operations and close its remaining stores, after cutting its store count substantially already over the past year. • Airbnb to Refocus from Homes to Rooms Airbnb (ABNB) had a profitable 2022, but homes listed the platform have become more expensive to rent, with prices up an average of 36 percent since 2019. With travelers looking for more affordable alternatives, the company is refocusing on single-room rental options, in a return to the company's roots. S&P 500 MOVERS TOP GNRC  11.615% AIZ  9.278% VRSK 7.932% TECH 7.207% LLY 6.677% BOTTOM EL 17.34% AMD 9.22% SBUX 9.174% AMCR 8.333% MKTX 6.428% Quote of the Day We think that the concerns around the bank sector, combined with uneasiness regarding the debt ceiling — and most importantly, apprehension over the uncertain future Fed rate policy stance — are all contributing to this risk-off sentiment. So in an area like the bank sector that already was under stress, we're also seeing greater unease because of these other contributing factors. - Greg Bassuk, CEO of AXS Investments, on why markets may trend lower as long as bank fears linger in the economy. Sponsored Content The "Bitcoin Killer" Cryptos that Hedge Fund Managers are Betting On! Bitcoin and Ethereum are both rock-solid safe investments for this reason… However, the top hedge fund managers I've talked to believe that altcoins could vastly outperform both of these. Which is why these hedge fund managers are "all-in" on some very specific cryptos on the market right now… Especially some cryptos that most everyday investors don't even know exist! Listen: crypto has changed my life and my dream is to bring the exponential gains you can find in this market to the everyday investors who need it most. So I did something crazy… I flat out asked over a dozen of the top crypto hedge fund managers I know if they would share their top altcoin picks, trading strategies, and price predictions with you! And you know what? Many of them said yes! Register for "The Crypto Hedge Fund Summit 2023" and hear the TOP altcoin picks on the market! Clicking automatically opts you into Boardwalk Flock's newsletter (privacy policy) Not sure the best way to get started? 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