Big Tech CRISIS – AMZN Lays Off More

Amazon is laying off another 9,000 workers.

One might be tempted to shrug this off, except it comes after the company laid off 18,000 just a few months ago.

In other words, Amazon isn’t just cutting costs. It feels that it needs to go much, much farther.

It isn’t alone.

Disney is reportedly planning to lay off about 4,000 people by April.
Microsoft laid off about 10,000 people, including an entire team that was supposed to focus on the ethical issues surrounding AI
Dell announced early last month that it was cutting about 6,600 workers, or 5% of its total workforce.

That’s before we get into what Credit Suisse is going to have to do now that UBS has taken it over.

Is there a bright side to all of this?

Well… yes.

The low rate of unemployment is one of the biggest factors leading the Federal Reserve to conclude that the economy is overheating. That’s one the Fed is still expected to raise interest rates this week.

Yet the circumstances within specific sectors and companies still matter.

Silicon Valley especially does not feel confident about the near-term.

This wave of layoffs, heavily concentrated in tech companies, suggests that something BIG is underway.

Make sure you stay connected. One of the critical pivot points of history, perhaps the biggest one since the beginning of the COVID-19 pandemic, is approaching rapidly.

Keep Moving,

The banking system as we know it is in danger of collapsing —

The stage is set for a meltdown capable of making the $2 TRILLION lost in 2008 look like pennies.

The first stage of financial Armageddon is unfolding in front of us…

And if you don’t want to be one of the millions of Americans crushed in the fallout…

You need to act immediately.

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COACH’S CORNER

“I called this one yesterday – super choppy and in a tight range. Investors just have no idea what will come out of Jerome Powell’s mouth on Wednesday. I certainly don’t.”

“Trading volume was low, and aside from a couple of short-lived trends, a good portion of the day was pure chop. Nearly untradable unless you’re scalping.”

“We took some winners and losers in the trade room, but most ended up ahead for the day. It wasn’t an easy day to trade, but a critical part of trader education.”

“Take a look at the 5-min of SPX chart for yesterday above:”

“Notice that the significant movements were in the morning and early afternoon, with a small pop at the end.
The reason it’s essential to understand this chart is because we’ll likely see that same sort of action today. It won’t follow the exact trajectory, but I anticipate a challenging day SPX, XSP, or SPY.”

“Especially for directional trades – intraday credit spreads might work well.”

“Keep this in mind as you do your planning.”

“Consider keeping your stops relatively tight. Give the trade some room to move, but make sure you know when you’re getting out.”

“Take profits when you have them. In this sort of volatility, a trade can turn from winner to loser in seconds. As you place your trade, make sure to enter an autoclose order.”

“Finally, take only your highest probability set-ups when it gets exceptionally choppy and range-bound. Get clear confirmation of a break out of support or resistance before entering.”

Cheers,
Chris Hood

WORD ON THE STREET

Biden Sides With ESG, AMZN Job Cuts, New SBUX CEO

President Biden Vetoes First Bill – President Joe Biden vetoed a bill that would have reversed a Labor Department rule allowing money managers to consider climate change and other ESG (Environmental, Social, Governmental) factors when making decisions about retirement investments. “The President vetoed the bill because it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers – all in service of an extreme, MAGA Republican ideology,” said the White House.
9,000 Employees Losing Their Jobs At Amazon – CEO Andy Jassy had bad news for Amazon employees in a new memo yesterday, saying about 9,000 would be cut. “The overriding tenet of our annual planning this year was to be leaner while doing so in a way that enables us to still invest robustly in the key long-term customer experiences that we believe can meaningfully improve customers’ lives and Amazon as a whole,” he said. Translation? WE NEED TO CUT COSTS, GET OUT.

Cloud computing, HR, Twitch livestreaming, and advertising departments will suffer – somehow that terrible Rings of Power show will not be hit. There really is no justice in this awful world.

We’re Going To Need More Coffee To Get Through This – CEO Howard Schultz is leaving Starbucks two weeks earlier than expected. Laxman Narasimhan will be taking over and will lead the annual shareholder meeting on Thursday. Schultz has been hampered by repeated demands from Senator Bernie Senators to testify before Congress on SBUX’s labor practices.
JP Morgan Chase Must Face Jeffrey Epstein Lawsuit – Maybe we will get that list of visitors after all… U.S. District Judge Jed Rakoff ruled JP Morgan Chase and Deutsche Bank AG must face lawsuits accusing them of complicity with Jeffrey Epstein’s sex trafficking. The lawsuit comes out of the U.S. Virgin Islands. They may also have to face lawsuits from various women who claim sexual abuse.

HOT SPOTS: What’s Going on in Geopolitics

Macron’s Government Barely Survives Challenge – The French government survived a motion of no-confidence by just nine votes. Emmanuel Macron’s government faced down lawmakers furious that the president forced through an increase in the retirement age without a vote in the legislature. France has been facing scattered protests and even rioting, but Macron has defended the move as necessary for the long-term fiscal health of the Republic.
Xi Jinping Meets With Vladimir Putin In Russia – The leaders of China and Russia reportedly met for more than four hours, with Ukraine being a prominent subject in their talks. Russia claimed that it “holds an open attitude towards peace talks, and welcomes China’s constructive role in that regard.”
South African President Faces Protests – More than 550 protesters associated with the far-left Economic Freedom Fighters have been arrested as protests demand the resignation of South African president Cyril Ramaphosa. The ruling African National Congress, which has reigned over the country unchallenged since the fall of the minority white government, is facing the possible loss of its legislative majority in elections next year. Protesters are angry about high unemployment and poor public services, notably the inability of the government to provide electricity.

CUTTING EDGE: What‘s Happening In Tech

Doctor’s Notes Will Be Transcribed By AI – Dragon Ambient eXperience (DAX) Express may have a terrible name, but it will have a good purpose. The new tool, powered by AI, will automatically transcribe clinical notes during doctors’ visits, lifting the administrative burden on health care workers.
Virgin Orbit Facing Bankruptcy – Sir Richard Branson’s Virgin Orbit is seeking emergency funding this week, as the company has never recovered from a rocket failure about two months ago. The company is now in an “operational pause” while it investigates what happened and tries to secure new funding. If it cannot get more money, the company is reportedly exploring fallback plans if it is totally insolvent.
Meta Faces Charges On Union Busting – Former Facebook workers in Kenya are suing Meta Platforms, charging that they lost their jobs after organizing a union. Forty-three workers who once worked with Sama, a firm that was contracted to moderate Facebook content, are being the lawsuit. The lawsuit could have major ramifications for Facebook’s content moderation policies around the world.

Meta Platforms hasn’t yet commented on the lawsuit

“It’s my contention that all economies are controlled economies. The companies that benefit are those which have political backing as well as customer support.”

President Joe Biden just vetoed his first bill – and investors need to pay attention to why. Investing has now become a political battleground… but Mr. X says it has always been this way.

Has ESG (Environmental, Social, Governance) investing peaked… or is it just getting started? Mr. X reports from the Beltway.

TOP DOWN PROFITS – THE CASE OF ESG

P.S. Some powerful research indicates that a Second Silicon Valley Bust is underway.

It’s time to take a look beyond the headlines – find out what’s really happening with the Silicon Shakeout by clicking here.

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Big Tech CRISIS – AMZN Lays Off More

WORD ON THE STREET

Biden Sides With ESG, AMZN Job Cuts, New SBUX CEO

HOT SPOTS: What’s Going on in Geopolitics

CUTTING EDGE: What‘s Happening In Tech

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