FDIC Upping The Ante…

They are going double or nothing.

According to Rep. James Clyburn (D-SC), the FDIC is going to become even more active when it comes to protecting depositors.

He said:

We’re going to increase that. The $250,000 per depositor now, I remember when it was only $50,000 per depositor. And you increased that based upon the times within which we live.

Unfortunately, it looks like there may be more need for coverage soon.

Credit Suisse, which has had an unbelievably bad year, is the next major financial institution that is staggering.

It is being forced to borrow almost $54 billion to cover a liquidity crisis.

When even the Swiss banks are struggling, you know there’s an issue.

Yet we are facing the same fundamental issue. Just as good unemployment numbers could potentially mean bad news for the stock market, there are plenty of scenarios in which this bad news for the financial sector actually means good news for investors.

The pressure is on Federal Reserve Chairman Jerome Powell to take his foot off the brakes when it comes to economic growth.

Namely – stop raising interest rates.

If it is purely up to Jerome Powell, I don’t think he will be doing that. Yet the Federal Reserve is a political institution, even if they call it private.

I’ll expect some pressure brought to bear if the financial contagion can’t be limited.

No financial actor at this scale acts alone… and neither should any investor.

Always remember you have a team of experts at your back.

Keep Moving,

GET IT DONE

Mr. X’s motto – and since the beginning of Rogue Investing Daily…

He’s been giving picks with returns of 390% in under a year…
442% in less than a month…
and 1,154% in 16 months…and urging subscribers to hold back from any new crypto investments right before the crypto bear market.

NOW FIND OUT ABOUT THE “TRADE OF THE DECADE”

A “Buy and Forget It” Trade For the Long Haul

COACH’S CORNER

“I’ll be honest with you – today was terrible for me. Or at least it was in the smaller account I use for teaching purposes. Too much chop and no clear direction. I didn’t stick to my rules, and several trades went wrong. Hats off to all the members of the Trade Command community who came out ahead because they were making their own trades.”

“The losses are just part of trading, and I know I’ll make it back and hit my profit goals by week’s end. Plus, it reminds me of what happens when I don’t follow my own rules. If even one person in the trade room learned that lesson, it was worth losing.”

“We may be in for some continued chop on SPX this week. Investors are still uncertain about the FOMC meeting, so I assume they’ll play conservatively. Remember this when you trade, and avoid putting on positions that might overlap with next Wednesday’s rate hike decision.”

“Remember, trade the charts, not your opinion.”

“Despite the gap down in SPX, the NASDAQ (QQQ) showed some real strength and may provide an opportunity to go long.”

“Take a look at the daily chart of AMD above:”

“With a bullish close and upward momentum, we could see a potential run up to resistance at $100.00. So make sure to keep this on your watchlist.”

“Technology stocks could take a massive hit over the next few weeks and months, but you can make some cash on the current rally.”

“It’s all about timing.”

Cheers,
Chris Hood

WORD ON THE STREET

Trump v. DeSantis, GS Cuts Forecast, Saudis Cut Off Suisse

A Brutal GOP Primary Shaping Up – He isn’t officially running yet but everyone knows the GOP primary is going to come down to former president Donald Trump and Florida Governor Ron DeSantis. Trump’s Make America Great Again Inc. PAC is filing an ethics complaint against the governor for his supposed “shadow campaign” for president. Meanwhile, DeSantis, despite not formally being a candidate, has already won the endorsement of Texas Republican Rep. Chip Roy, a favorite of grassroots conservatives.
Credit Suisse Hits Another Low – Credit Suisse is announcing that it has to borrow $53.68 billion in francs from the Swiss National Bank. The company said the money would “support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs.” The bank is in crisis now that onetime backer Saudi National Bank said it can’t cough up any more money.”

Not as good as gold – Credit Suisse shares hit another all time low yesterday

Growth Forecast SLASHED – GS is going doomer. The company slashed its growth forecast by 0.3% for 2023. It’s now looking like a tepid 1.2%. The key culprit – the plummeting fortunes of small banks.
Cramer Says Fed May Need Drastic Measures – Based on the Inverse Cramer principle, does this mean everything is ok? Jim Cramer warned that the Fed may need to undertake “desperate measures” at the meeting next week, including back off major interest rate increases. He argued that this could be “fantastic for your portfolio.”

HOT SPOTS: What’s Going on in Geopolitics

India World’s Top Arms Importer – According to the Stockholm International Peace Research Institute (SIPRI), India is the world’s largest importer of weapons, accounting for 11% of all global imports. India is trying to become self-reliant when it comes to weapons, but Indian Chief of Defense Staff Gen. Anil Chauhan said India has only taken “some baby steps towards self-reliance in the last two or three years.”
China Backs Off From Western Financial “Bombs” – The People’s Bank of China said it is going to reduce the number of high-risk institutions it is involved with in order to prevent Western-style financial contagions. “It is necessary to strengthen the financial risk disposal mechanism and capacity building, strengthen monitoring, early warning, and evaluation,” it said.
USA Forced To Talk To Russia About Downed Drone – Defense Secretary Lloyd Austin spoke to Russian Defense Minister Sergei Shoigu for the first time since October about the Russian downing of an American drone in the Black Sea. “We take any potential for escalation very seriously,” said Austin at the Pentagon. “And that’s why I believe it’s important to keep the lines of communication open. I think it’s really key that we’re able to pick up the phone and engage each other. And I think that that will help to prevent miscalculation going forward.”

CUTTING EDGE: What‘s Happening In Tech

Even The Toilet Paper Is Poison – “Forever chemicals” including perfluoroalkyl and polyfluoroalkyl substances (PFAS) are harmful in any amount, no matter how small. While the EPA is moving to regulate them in drinking water, a study in Environmental Science & Technology Letters even found that they are in toilet paper, most likely because the chemicals have entered wastewater-treatment systems.
Adobe Boosts Profit Forecasts – Adobe increased projections for both income and net new recurring revenue in a powerful counter to a mostly bearish day on Wall Street. Shares were up by more than 5% in after-hours trading after posting a slight gain during the trading day.”
President Biden Ready To Move On TikTok – I don’t care about China – I’ll just be happy if people aren’t dancing in the background while I am trying to do everyday tasks. TikTok owner ByteDance is reportedly being warned that it will need to sell the app or it risks a ban in the United States. TikTok competitors surged on the news.

“There is no safe harbor anymore.”

Mr. X breaks down the fall of Credit Suisse – once a pillar of the financial establishment that was a byword for security, and now just another failing bank in search of a bailout.

CREDIT SUISSE AND THE CRISIS OF CONFIDENCE

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FDIC Upping The Ante…

WORD ON THE STREET

Trump v. DeSantis, GS Cuts Forecast, Saudis Cut Off Suisse

Growth Forecast SLASHED – GS is going doomer. The company slashed its growth forecast by 0.3% for 2023. It’s now looking like a tepid 1.2%. The key culprit – the plummeting fortunes of small banks.

HOT SPOTS: What’s Going on in Geopolitics

CUTTING EDGE: What‘s Happening In Tech

Adobe Boosts Profit Forecasts – Adobe increased projections for both income and net new recurring revenue in a powerful counter to a mostly bearish day on Wall Street. Shares were up by more than 5% in after-hours trading after posting a slight gain during the trading day.”

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