MONDAY MARKET UPDATE
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Good Morning Everyone!
Remember, if you sold all your stocks recently this investing thing just isn’t for you. You gotta stay in the game!
Quiet Day ahead of U.S. Fed meeting on Wednesday
Japan is closed
U.K. holiday for Queen Elizabeth funeral
June 2022 lows 3666
Today we are 5% above the June lows
CNBC this morning
Thomas Petterfy, CIO Interactive Brokers
“cash balances are at all-time highs”
Central Bank meetings this week:
U.S., Japan, Sweden, Switzerland, Norway, U.K.
Jay Powell very likely to go 75 basis points
Fed Rate upper bound rate
2.5% + 0.75 this week + 0.50 in November + 0.50 in December = 4.25% by year-end
Crude 82 -3%
OPEC heavyweight UAE (United Arab Emirates) is speeding up plans to boost oil production
Goal is to produce 5 million barrels a day by 2025 vs. 2030 previous plans
UAE produced 3.4 million barrels a day in August
Germany’s Chancellor Scholz
to travel to UAE and Saudi Arabia this week
expected to sign contracts to secure natural gas supplies from the Middle East
Digital asset flows (last week)
Low activity, $7 million total inflows
Ethereum: continued caution post-Merge
$15 million outflows (4th consecutive week)
Bitcoin: snaps 5-week outflow streak
$17 million inflows
Inflows to multi-asset products have remained steady
Only a few weeks of outflows YTD
Nearly same YTD inflows as Bitcoin
Safety in numbers
MEME OF THE DAY
WallStreetBets Fear & Greed Index = FEAR
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