Edition #24-Tuesday April 11th 2023
Summary 📝
The upwards trend continued last week, as jobs data was in line with expectations, oil prices jumped, and investors kept eyes on this week’s big events.
This week, we have CPI, PPI, FOMC Minutes, and a whole host of others to think about. As always, it pays to be cautious during times like this, where investors may be getting carried away with the optimism, and not thinking about how a potential recession may impact company earnings as we move into earnings season.
The Fear and Greed index continued to climb further into the Greed category, with the volatility index now below 20.
I’m keeping some cash on the table for the next few weeks, with the thought that a bad earnings reaction from one of the big banks, or some disappointing macro data could spook the market.
Nobody ever lost money by taking profits, as the great Warren Buffett said. Don’t get caught out!
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Quiz Question of the Week ❓❓
Answer at the bottom
This Week in History 📰
April 11, 1968 - A week after the assassination of Martin Luther King, the Civil Rights Act of 1968 was signed into law by President Lyndon B. Johnson.
April 12, 1961 - Russian cosmonaut Yuri Gagarin became the first human in space.
April 15, 1912 - In the icy waters off Newfoundland, the luxury liner Titanic with 2,224 persons on board sank at 2:27 a.m. after striking an iceberg just before midnight.
Major Events This Week 🔬
Economic Events
Provided by Unusual Whales
Monday
Wholesale inventories
Tuesday
NFIB optimism index
Chicago Fed President Goolsbee speaks
Philadelphia Fed President Harker speaks
Minneapolis Fed President Kashkari speaks
Wednesday
Consumer price index
Core CPI
CPI year over year
Core CPI year over year
Richmond Fed President Barkin speaks
San Francisco Fed President Daly speaks
Treasury Budget
Minutes of FOMC meeting
Thursday
Producer price index
Core PPI
PPI year over year
Core PPI year over year
Initial jobless claims
Continuing jobless claims
Friday
U.S. retail sales
Retail sales minus autos
Fed Gov. Waller speaks
Business inventories
Consumer Sentiment
Incoming Earnings Reports
Provided by Earnings Whispers
Notable Upcoming Earnings
Friday
Citigroup (C) - Implied move: +/- 4.7%
Wells Fargo (WFC) - Implied move: 5.2%
JPMorgan Chase (JPM) - Implied move: 4.2%
BlackRock (BLK) - Implied move: 4.1%
PNC Financial Services (PNC) - Implied move: 6.1%
Market Futures
Provided by Unusual Whales Futures
Follow my CNBC Watchlist at- Oak Investing Watchlist
Post of the Week 💌
❗️The Oak Portfolio 🌳👇
✅ Transparency is everything when it comes to talking about the market. Everyone should have their own strategy; their own thesis for each company; and a close understanding of their own financial situation. 💰
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✅ It’s not always easy. Some companies will have poor quarters and years, but with sufficient diversification, analysis and management, the trend is your friend over the long term. 📈
What’s Moving Markets? 🏃♂️
Bitcoin tops $30,000 for the first time since June ahead of key inflation data; ether nears $2,000
Bitcoin climbed on Monday evening, topping the key psychological level of $30,000 as investors awaited key inflation data later in the week that could steer crypto prices.
The largest cryptocurrency by market cap rose 7% to $30,193.25 for the first time since June, according to Coin Metrics. Ether advanced more than 3.5% to $1,925.11 for the first time since August as investors awaited the Ethereum network’s latest tech upgrade, scheduled for Wednesday.
China releases rules for generative AI like ChatGPT after Alibaba, Baidu launch services
Chinese regulators on Tuesday released draft rules designed to manage how companies develop so-called generative artificial intelligence products like ChatGPT.
The Cyberspace Administration of China’s draft measures lay out the ground rules that generative AI services have to follow, including the type of content these products are allowed to generate.
For example, the content generated by AI needs to reflect the core values of socialism and should not subvert state power, according to the draft rules.
Japanese trading houses rise as Warren Buffett says he plans on buying more
Warren Buffett told Nikkei he is considering additional investment in Japan’s five major trading houses.
Shares of Mitsubishi Corp. rose 2.1% in Japan’s afternoon trade, Mitsui & Co. gained 2.7% and Itochu Corp climbed 3%.
Chart of the Week 📈
As we’d expect, nobody wanted to own risky assets with so much uncertainty last year. However, with 2023 showing some signs that the worst of the economic data is behind us, and some slight stability in the geopolitical situation, investors are starting to take the first steps back into cryptocurrency.
Up 81% so far in 2023, Bitcoin is always going to be the one to watch for the general risk appetite of the group. $30,000 has been a historically important level of resistance and support. If the news this week coming from economic data is good, then BTC may be able to consolidate above $30k for the first time since June. If we see a break below, then investors may start to wonder if we’re getting ahead of our skis in terms of a recovery…
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Quiz Question of the Week- Answer ❓
Answer B- IT
Information Technology, Financials, Communication, and Healthcare make up over 52% of the world’s companies by value.
Information Technology companies dominate all other industries at 16.31% . Real Estate accounts for a surprisingly low 3.24% of the global stock market (as weighted by MSCI).
Disclosure ✅
This newsletter provides general information only. Before making any financial or investment decisions, please consult a financial planner to take into account your personal investment objectives, financial situation and individual needs.