Global Market Comments
May 13, 2024
Fiat Lux
Featured Trade:
(MARKET OUTLOOK FOR THE WEEK AHEAD, or THE GREAT AMERICAN GOLDEN AGE HAS ONLY JUST BEGUN and SWIMMING WITH THE SHARKS)
(AAPL), (NVDA), (META), (GLD), (GOLD), (SLV), (WPM), (MSFT), (NVDA), (TLT), (FCX), (FXI), (BRK/B)
The Bull Market has Five More Years to Run, with S&P 500 growing earnings at 10% a year for the foreseeable future. Last year brought in $222 per share, 2024 will see $250, 2025 $270, and $300 for 2026. The Great American Golden Age has only just begun.
Profit margins will expand to all-time record highs. Falling interest rates and a weak dollar will boost exports to a recovering Europe and Japan. Inflation should hit the Fed’s 2% in 2025 as AI chatbots replace workers at a breakneck rate, cutting costs dramatically as they already have at some firms. The future is happening fast. Buy everything on dips, even bonds.
The stock market couldn’t even manage a 10% correction in April. We got a measly 6.10% instead. It’s all about the economy, stupid. Leftover massive Covid spending and the $280 billion CHIPS Act have created a tidal wave of cash surging through the system with much of it ending up in stocks.
The top eight tech companies (the Magnificent Seven plus Netflix (NFLX)) accounting for 30% of the entire market cap are only getting stronger. The (SPY) has a current price-earnings multiple of 20X with the Big 8 and 17X without them going forward. It’s not cheap but better than a poke in the eye with a sharp stick.
Boring old high-yielding utilities will become a big play as the electric power grid has to triple in size to accommodate the voracious appetites of EV’s and AI. And as we have already seen in California and much of the country, utilities have no reservations about raising prices.
We are back to normal with interest rates, returning to pre-financial crisis levels. Certainly, a stock market at all-time highs is happy with rates. The real concern here is that the Fed DOES cut rates too fast to bail out the loan-dependent half of the economy and the US Treasury as well. That could trigger a melt-up in stocks that would make the last six months pale in comparison and make my own $6,000 target for the (SPX) look ridiculously conservative.
There is also a major generational change in demographics underway. Previous retiring generations, having experienced the Great Depression, hoarded savings and were a drag on the economy. The Baby Boomers are spending like there is no tomorrow because after going through COVID-19, there might not BE a tomorrow. The Boomers have thus turned into the greatest job creators of all time through their spending.
I’ve seen them everywhere in recent weeks in Florida, Cuba, Ecuador, the Galapagos Islands, Panama, and of course, San Francisco where a Big Mac Happy Meal costs $11. What they don’t spend is being passed on to Gen Xers and Millennials, creating a $75 trillion wealth transfer, the largest in history. A lot of this is going into stocks as well. Wonder where all that “meme stock” money is coming from?
And from the “Department of I Told You So”, notice that precious metals were on an absolute tear last week, with gold (GLD) up 4.78% and silver posting a gob-smacking 7.40%. The new demand that I was aware of but had no hard data on finally became public. Solar Panels are Driving Global Silver Demand in an unprecedented fashion. Global investment in solar PV manufacturing more than doubled last year to around $80 billion.
Miners are expanding their operations and ramping up production as prices for the precious metal climb to decade highs, sending gross revenues to the moon. Demand for silver from the makers of solar PV panels, particularly those in China, is forecast to increase by almost 170% by 2030, to roughly 273 million ounces—or about one-fifth of total silver demand.
That’s a lot of silver. Buy (SLV) and (WPM) on dips.
So far in May, we are up +4.14%. My 2024 year-to-date performance is at +18.75%, a new all-time high. The S&P 500 (SPY) is up +10.48% so far in 2024. My trailing one-year return reached +35.79% versus +30.58% for the S&P 500.
That brings my 16-year total return to +695.38%. My average annualized return has recovered to +51.83%.
I stopped out of short positions for small losses in (AAPL) and (NVDA) last week. I took profits on my long in (META). I am running my longs in (GLD) and (SLV) and my shorts in (MSFT) and (NVDA) into the Friday, May 17 options expiration. The only new position I added last week was a short in the (TLT).
Some 63 of my 70 round trips were profitable in 2023. Some 27 of 37 trades have been profitable so far in 2024.
Weekly Jobless Claims Hit a Nine Month High at 233,000, the bitter fruit of persistently high interest rates. New York City public school workers such as bus drivers are allowed to apply for benefits during winter and spring breaks, which tend to boost weekly claims numbers. Claims also picked up in California, Indiana, and Illinois.
Underwater Home Mortgages are Soaring, with the South taking the biggest hit. Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states. Nationally, 2.7% of homes carried loan balances at least 25% more than their market value in the first few months of the year. That’s up from 2.6% in the previous quarter. It’s another cost of high rates.
Online Retail Spending Up 7%, during the January-April period YOY. Cheaper items are seeing the fastest growth. Consumer discretionary spending has been in focus over the past several months, as sticky inflation has forced shoppers in various categories to trade down to more affordable products. It’s another sign of a modest slow, 1.6% growing economy.
Morgan Stanley (MS) Pushes Back Rate Cut Expectations to September. I couldn’t agree more. You see this in the $4 rally in bonds since last week. Sell short (TLT) for the very short term.
TikTok Sues the US Government, claiming its first amendment rights have been violated in a ban imposed on Congress. They will probably win. The national security threat posed by millions of dancing teenagers has never been showed. It’s just another talking point for technology-ignorant politicians egged on by Facebook (META) and other competitors. No one ever said the people in Silicon Valley were nice.
Social Security Trust Fund to Go Broke by 2035, according to US Treasury estimates. I knew they wouldn’t pay me after 55 years of contributions. Medicare is in less bad shape, not running out until 2036, a five-year extension. Retirees, the baby boomers, and exceeding new contributors, the Gen Xers. Expect your taxes to go up to fill the gap.
Berkshire Hathaway Delivers Blockbuster Earnings in Q1, thanks to a $9 billion pop in (AAPL) stock last year. Buffet just cut his massive position by 13% and will cut more. Total 2023 profits came in at a mind-numbing $93 billion. The company — whose divisions include insurance, the BNSF railroad, an expansive power utility, Brooks running shoes, Dairy Queen and See’s delivered a sharp swing from its $22 billion loss in 2022 because of the bear market. Its vast insurance operations that include Geico car insurance and reinsurance reported $5.3 billion in after-tax earnings for 2023, thanks to steep premium increases which we have all felt. Sell (AAPL), buy (BRK/B).
Bond Investors are Making a Killing, with the US Treasury paying out $900 billion in interest in 2023. That’s double the annual cost of the past decade. Remember those coupons? That’s another reason for the Fed to cut rates soon, to lessen this backbreaking burden on the government. After being held hostage by zero-rate policies for almost two decades, US Treasuries are finally reverting to their traditional role in the economy. Bonds are becoming respectable again after a long winter. Buy (TLT) on dips.
China Home Sales Plunge by 47%, as the real estate crisis deepened, indicating that a recovery may be far off. But when it does bounce back, expect all commodities to hit record highs. Buy (FCX) on dips.
Biden Piles on the Foreign Tariffs, announcing new China tariffs aimed at the EV Industry that is currently decimating Europe. Europe is in danger of giving away its edge in cars to the Chinese and a proactive response would ensure American car manufacturers can stand up to the low-priced onslaught.
My Ten-Year View
When we come out the other side of the recession, we will be perfectly poised to launch into my new American Golden Age or the next Roaring Twenties. The economy decarbonizing and technology hyper accelerating, creating enormous investment opportunities. The Dow Average will rise by 800% to 240,000 or more in the coming decade. The new America will be far more efficient and profitable than the old.
Dow 240,000 here we come!
On Monday, May 13, at 10:30 AM EST, the Consumer Inflation Expectations are announced.
On Tuesday, May 14 at 8:30 AM EST, Producer Price Index for April is released.
On Wednesday, May 15 at 8:30 AM EST, the Consumer Price Index is published
On Thursday, May 16 at 8:30 AM EST, the Weekly Jobless Claims are announced.
On Friday, May 17 at 8:30 AM the Monthly Options Expiration takes place at the close.
At 2:00 PM the Baker Hughes Rig Count is printed.
As for me, I will never forget the words from my underwater guide: “Stay where you are and the current will bring the sharks to you.”
Is that something we want, I queried in my fractured Spanish. “Don’t worry”, he answered, “The sharks are vegetarians.” Yes, but did anyone tell the sharks that they were vegetarians?
Sure enough, two six-foot-long hammerhead sharks hungrily swam by me within feet in the green murk, not even pausing to give me the time of day. They swam so close that one almost slapped me in the Face with his tailfin. I guess I wasn’t on the menu that day, not even as a special.
Fortunately, I brought a GoPro underwater video with me and filmed the whole thing. Otherwise, you wouldn’t believe me for a second (click here for the link.)
Such was the high point of my week in the Galapagos Islands last week, a remote archipelago of 13 volcanic islands some 600 miles west of Ecuador, 2 degrees South Latitude in the Pacific Ocean. Sitting in my beachfront house in San Cristobal, I worked all morning, knocking out some eight trade alerts on the week, and explored every afternoon.
It was bliss.
You scientists out there will already know the Galapagos Islands as the place where Charles Darwin landed in 1835 on the HMS Beagle and collected the data that led to the Theory of Evolution and the concept of the Survival of the Fittest. (It was all about black Finches, now known as Darwin’s finches, of which I saw hundreds).
Darwin was at first widely ridiculed, as are the creators of all new revolutionary advances. Critics highlighted his close relationship with monkeys. Now it’s required reading for all high school students. While I was there a reproduction of the Beagle sailed in from Holland to celebrate the 200th anniversary of Darwin’s discoveries….11 years early.
The Galapagos Islands are not an easy place to get to. It was a four-hour flight from Miami to Quito in Ecuador, the worlds third highest airport at 9,500 feet. A lot of transients get altitude sickness. Then an hour's flight to Guayaquil on the coast where the Ecuadorian drug trade is run and another hour to San Cristobal. When I tried to visit here in the 1970’s there was only one ship a week and no planes.
Galapagos connected to the outside world just last year when Space X’s Starlink service initiated a 200mb/sec service. With that, I can trade stocks as if I were in downtown Manhattan. This is true for virtually every remote location in the world now, the consequences of which we have yet to imagine. I set up a Starlink in Ukraine last October while under fire and the Russians never were able to jam it.
The Ecuadorian government has gone through great lengths to keep the Galapagos Islands a pristine eco-tourism destination and they have largely succeeded. I counted only one Cessna G5 jet at the airport. Incoming luggage is X-Rayed for foreign fruit and sniffed for drugs by German Shepherds. Residents are limited to a tiny southwestern sliver of San Cristobal island and the rest is a national park.
A friend charitably turned down a $20 million offer from the Four Seasons international hotel chain for his 120 acres of land there. There are not a lot of places in the world left where you can walk out of your front door to a deserted beach unscarred by footprints. Yet, it offers Ecuadorian prices, about one-third of those found in the US.
I think you should visit there.
HMS Beagle, kind of
55 Years of Trading and Finally my Own Beach!
Let the Current Bring the Sharks to You
Chillin with the Crew
My New Office
The View from Home
My New Neighbors
Good Luck and Good Trading,
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
(MSFT)
Let's gather around the tech bonfire and chat about Microsoft's (MSFT) latest blockbuster move—a whopping $3.3 billion data center right in the heart of southeastern Wisconsin. Yep, you heard that right, billions with a “B.”
So, why Wisconsin, and why now? Well, it turns out Microsoft's got a pretty hefty checklist: lots of land, enough juice to power a small country, and a workforce that's ready to roll up its sleeves.
Plus, Wisconsin had the sweet sense to pass a bill last year that cuts the sales tax on all that pricey data center equipment. Smart, right?
Now, before you think this is just another tech giant planting a flag and calling it a day, let me paint you the bigger picture.
This isn't just about storing bytes and bits. Microsoft is laying down some serious roots here, aiming to turn the local scene into a buzzing hive of tech activity. They're not just building a data center; they're looking to inject some Silicon Valley-style innovation into the local economy.
Microsoft is eyeing 2,300 construction jobs getting cooked up by 2025, followed by 2,000 high-tech positions that'll keep the lights on long-term. That's a lot of jobs, and even more lunches at the local diners, if you catch my drift.
According to the U.S. Chamber of Commerce, data centers can generate up to $33.8 million in economic activity for every 100 jobs created.
Now, multiply that by the 4,300 jobs Microsoft is bringing to the table, and you've got a recipe for some serious economic growth.
On top of these, Microsoft is also kicking off a tech training fiesta with Gateway Technical College. They're setting up something called a Data Center Academy, aiming to certify roughly 1,000 students within five years. This is a big deal for the local workforce, as it provides a clear path to high-paying jobs in a rapidly growing industry.
Now, let's talk brass tacks and silicon chips for a second.
The tech world's hunger for data centers is practically insatiable, thanks to our good friend AI. You know, artificial intelligence? The stuff that powers everything from your smartphone's snarky assistant to those creepy-realistic chatbots.
As AI gets smarter, it needs more power. Like, a LOT more.
In fact, according to the International Data Corporation (IDC), global spending on AI is expected to double from $50.1 billion in 2020 to more than $110 billion by 2024. That's a lot of dough, and a big chunk of it will be going towards building and maintaining data centers.
And here's an interesting fact: Data centers in the U.S. gobbled up over 4% of the nation's electricity in 2022.
By 2026, we're looking at a jump to 6%. That's a lot of zeros on the electric bill. But it's not just about the power consumption.
Data centers also require a ton of land and infrastructure, which is why companies like Microsoft are always on the lookout for prime locations like southeastern Wisconsin.
Now, let's not forget the cherry on top. This new site is where dreams (and maybe some iPhones) were supposed to take shape under Foxconn's grand plans during the Trump administration. But that didn't quite pan out.
Microsoft, seizing the opportunity, scooped up the land in 2023 for a cool $50 million. It's tangible proof of Microsoft's savvy business sense and their ability to spot a good deal when they see one.
And because no tech story is complete without a dash of future gazing, Microsoft isn't stopping at Wisconsin.
They've got their eyes set on global domination—well, in the AI and infrastructure space, at least—with plans to sink billions more in Germany, Japan, Malaysia, and the U.A.E.
This global expansion is a clear sign that Microsoft is betting big on AI and the future of data centers. So, what's the takeaway here?
Well, Microsoft's big bet on Wisconsin is more than just a tech move; it's a strategic play that could set the stage for the next wave of AI innovations. And for the locals? It's potentially a game-changer for the job market and regional economy.
With the global AI market expected to grow at a compound annual growth rate of 42.2% from 2020 to 2027, investing in companies like Microsoft that are front and center could be a smart move for your portfolio.
When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more
Mad Hedge Technology Letter
May 10, 2024
Fiat Lux
Featured Trade:
(CHINESE TARIFFS AT THE FOREFRONT)
(EV)
Tariffs on Chinese EVs skyrocketing by 400% are just another example of the federal government getting in the way once again as the current administration limps to the November starting line.
These levies are directed at everything central to producing EVs like the battery and the car itself.
I understand that the point is to protect EV companies at home, but tariffs don’t work and in almost every case, the end price to consumers rises painfully.
It’s not any better over the Atlantic so this frees us China to innovate and get ahead with government support.
The Chinese are playing the long game.
This review of Chinese tariffs was triggered by the administration before it, and it just smacks of inefficiency to me. It only took 4 years to finish the review as infighting took hold and the glacial pace finally ended with a decision.
In fact, Biden's $7.5 billion investment in EV charging has only produced 7 stations in two years, per Washington Post.
Where did the rest of the money go?
My guess is carrying out a raft of economic surveys isn’t cheap when there are no guard rails in price setting.
Maybe the thousands of consultants giving their 2 cents to keep that bureaucratic machine humming in Washington made a dent with another few billion invoices.
I’ll at least give it to the White House that they were able to produce 7 and not 1 or 2.
A billion dollars per EV charger is not good enough in 2024 while the Chinese forge ahead with their technological prowess.
The Chinese tariff rate on electric vehicles is expected to quadruple from roughly 25% to 100% plus an additional 2.5% duty would apply to all automobiles imported into the US.
The EU launched an EV subsidy investigation in October that may lead to additional tariffs by July as well.
The tariffs would likely have little immediate impact on Chinese firms since its world-beating EV manufacturers have steered clear of the US market due to tariffs.
Its solar companies mostly export to the US from third countries to avoid curbs, with US firms seeking higher tariffs on that trade, too.
The move comes after Biden last month proposed new 25% tariffs on Chinese steel and aluminum.
Protecting the American EV sub-sector feels like a situation in which China is outcompeting American EV companies and the government is directly reacting to that in an emotional way.
My guess is that it won’t work.
China will be able to circumnavigate these tariffs easily. It’s impossible to put the genie back in the bottle once it is out.
The only way American EVs will find a solution is to innovate itself away from the competition and that will be tough with the level of interruption by the Federal government.
Sooner or later, these better-made Chinese cars will find themselves in Europe and America on a grand scale.
If the government would get out of the way, tech companies would be forced to innovate or die.
A main strategy of stopping the Chinese from selling to you is a wack-a-mole strategy and the products will eventually arrive,
I am strongly bearish the American EV sub-sector at this point.
This is another tech sub-sector that has turned stale, similar to the streaming sub-sector where I just took profits in a bearish Roku trade.
Why doesn’t the admin go after the Chinese unrealized profits while they’re conjuring up some more tariffs? I wouldn’t put it past them.
When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more
(AUSTRALIA IS CONFLICTED ABOUT ITS APPROACH TO ENERGY)
May 10, 2024
Hello everyone,
I recently heard Sky News host, Rita Panahi interview Ian Plimer, a geologist. Plimer talked about the types of energy Australia has at its disposal and the damage wind and solar are doing to the environment.
Plimer pointed out that Australia has a huge supply of gas that is not being used. In Victoria, for example, he said that there is an enormous amount of onshore gas in the Gippsland region that is low in carbon dioxide, and low in mercury, but regulations state that companies cannot drill onshore for gas. Rather they must drill onshore for gas offshore and vice versa. This is creating massive gas shortages in Victoria.
In New South Wales, too, there is also a gas shortage, due to mismanagement. Massive reserves at Narrabri have taken a decade to get that up producing gas for the people.
Eastern Australia relies on Queensland for much of its gas.
Plimer argued that there are thousands of years of gas in Australia and millions of years of uranium.
Six projects have been named to start feasibility studies for Australia’s first offshore wind farms. Plimer was scathing about wind projects because he says they “don’t save anything.” Rather, he says they have a telling negative effect. They “change aviation patterns, change shipping patterns, change fishing patterns, and kill a lot of wildlife.”
Killing the wildlife offshore hides the damage – the death of wildlife, and possibly whales. In effect, it puts the problem out of sight offshore. Interestingly, Plimer noted that elsewhere in the world wind projects are being shut down because of environmental damage.
Beautiful Australian agricultural land is being covered with wind turbine farms. Plimer argued that these wind turbines pollute large rich parcels of land with dangerous chemicals. Instead of disposing of wind turbine blades, he says “We bury them, or we cut them up and bury them in the ground.” He was critical of the fact that there is no industry at all where we can recycle these items.
Furthermore, Plimer details the long-term effects of pollution from solar panels. He stated that solar panels leak out cadmium telluride, and leak out lead, which is left in the soil.
OK, so how damaging is cadmium telluride?
Acute toxicity – oral, category 4
Acute toxicity – dermal, category 4
Acute toxicity – inhalation, category 4
Harmful if swallowed, Harmful in contact with skin, Harmful if inhaled.
Breathing high levels of cadmium damages people’s lungs and can cause death. Exposure to low levels of cadmium in air, food, water, and particularly in tobacco smoke over time may build up cadmium in the kidneys and cause kidney disease and fragile bones. Cadmium is considered a cancer-causing agent.
The United States is the leader in cadmium telluride (CdTe) photovoltaic (PV) manufacturing…due to their efficiency and relatively low manufacturing energy requirements.
Cadmium is recognized as a toxic substance by the United States Environmental Protection Agency (EPA), which set a maximum contaminant level (MCL) for cadmium (Cd) of 0.005 mgL in drinking water. Tellurium (Te) while not regulated by the EPA, has also been shown to have the potential to cause kidney, heart, skin, lung, and gastrointestinal system damage in rats and in humans.
Plimer was very critical of governments, past and present, for their poor decisions regarding effective energy solutions for Australia.
He pointed out that Australia has plenty of energy and it is cheap.
Impact of Wind Turbines:
Visual Pollution
Noise Pollution
Impact on Wildlife
Disturbance to existing ecosystems and land use.
Update to Australia’s future energy direction as of Thursday, May 9, 2024.
New gas fields will be key to the Labour’s government strategy. Gas will become a central part of Australia’s energy and export sectors by 2050 and beyond. The government is backing the energy source as the key to transitioning the energy sector and economy. Environmental and climate groups have condemned the strategy saying it will lead to more emissions, not less.
Responses to Labour’s plan have been mixed.
The Business Council of Australia was supportive, saying the plan struck the right balance ‘” by ensuring Australia can transition to net zero, while also keeping prices down, delivering reliable power supply and retaining jobs.”’
The Australia Institute called the strategy “regressive”, while the federal Greens leader, Adam Bandt, said Labour was “’ threatening its legislative agenda by committing to a future fuelled by fossil fuels.’”
Environmental groups including the Australian Conservation Foundation, Surfers for Climate, Solutions for Climate Australia, Climate Communities Alliance, and Parents for Climate were all disappointed.
Attention will now turn to how Labour plans to meet Australia’s climate targets as it embarks on an expansion of the gas industry.
The Safest and Deadliest Energy Sources
There are vastly divergent views on the impact of different energy sources on the environment. As of 2021, nearly 90% of global CO2 emissions came from fossil fuels. But as we know energy production doesn’t only lead to carbon emissions, it can also cause accidents and air pollution that have a significant toll on human life.
Ruben Mathisen has used data from Our World in Data to help visualize exactly how safe or deadly these energy sources are:
Fossil Fuels are the highest emitters.
Deadly effects
Air pollution or accidents can take human lives when we are generating energy on a massive scale.
According to Our World in Data, air pollution and accidents from mining and burning coal fuels account for around 25 deaths per terawatt-hour of electricity – roughly the amount consumed by about 150,000 EU citizens in one year. The same measurement sees oil responsible for 18 annual deaths, and natural gas causing three annual deaths.
Meanwhile, hydropower, which is the most widely used renewable energy source, causes one annual death per 150,000 people. The safest energy sources by far are wind, solar, and nuclear energy at fewer than 0.1 annual deaths per terawatt-hour.
Depending on who you speak to about energy, opinions will vary widely about the best future path for Australia to follow. There are arguments for and against all energy sources. You will never be able to please everyone. Economics, the environment, and sustainability must all be considered when planning for the future.
Update:
Global Central Banks are not taking their cues from the Fed.
When it comes to central banking, everyone assumes the Federal Reserve takes the leadership role, and global counterparts follow. Well, it looks like events are shaping up somewhat differently now.
Most recently, the Riksbank, Sweden’s Fed equivalent has approved a quarter percentage point reduction (Wednesday), with an indication that two more cuts could be in the pipeline before the end of the year should the inflation outlook hold.
It was the first time the Riksbank had cut since 2016 and took its main policy rate down to 3.75%. Meanwhile, the Fed’s rate has been locked between 5.25% - 5.5% after a series of 11 hikes that began in March 2022.
In March, this year, the Swiss National Bank also reduced its key rate.
Reductions from the Bank of England and European Central Bank are expected to come next, possibly within a month. Bank of America strategists think the BOE could even cut in June, given the dovish buzz from BOE Governor Mark Bailey and others. Otherwise, August is a likely time for the rate cut.
Should all these central banks take concrete action on their dovish chatter, and inflation and economic growth slow in the U.S. the Fed could find itself in an uncomfortable spot.
A slowdown in inflation and/or in activity in the U.S., will highlight a growing rate differential between the U.S. and other countries, and perhaps become a factor that will encourage the Fed to follow the global trend toward lower rates.
Central banks are not taking their cues from the Fed. Christine Lagarde made clear that “we are data-dependent...[and] we have to make our decisions. Hence, we are not Fed-dependent.”
To sum up, if either demand starts to fall and/or core services inflation slows, the Fed is likely to begin its own cutting cycle.
Zoom Recording of April 30, 2024
The Zoom recording is in two parts.
I had technical issues with the videos I wanted to show you, so they are part of the second recording I did. Additionally, the Excel spreadsheet of all the stocks/options recommended will be shown in this recording as well.
I hope you enjoy the presentation.
Part 1
Part 2
https://www.madhedgefundtrader.com/jacquie-munro-meeting-replay-april-2024/
Cheers,
Jacquie
Global Market Comments
May 10, 2024
Fiat Lux
Featured Trade:
(A DIFFERENT VIEW OF THE US)
Mad Hedge Biotech and Healthcare Letter
May 9, 2024
Fiat Lux
Featured Trade:
(A HIGH-RISK, HIGH REWARD BIOTECH PLAY)
(CRSP), (VRTX), (DNA)
