Charles de Gaulle famously said of Brazil that it was the country of the future and always will be.
What he meant was that the country had incredible potential, but the government kept getting in the way, leaving Brazil unable to fully exploit its resources and the creativity of its people.
No matter how much people talked about the future, they were stuck in the problems of the present.
I’m thinking something similar about the “metaverse.”
It’s the great economic market of the future… and always will be.
Meta Platforms (META) appears all but dead in the water. The stock was down again yesterday and it has lost almost 75% of its value YTD.
The NFT market has all but totally collapsed.
Roblox (RBLX) was up slightly, but the company is heavily focused on younger customers, who may not have the most disposable income.
Cryptocurrency is way down in value and “Web 3.0” only exists in the vaguest outlines.
Elon Musk could transform the online economy with Twitter, but he’s under a tremendous amount of political and media pressure.
Perhaps instead of dreaming about the metaverse, we should return to the real world.
Now that the traditional October bounce is over, it’s time to return to fundamentals.
Energy, raw materials, food.
These are the things traders are going to be talking about going forward.
What’s the takeaway?
Don’t be misled by the flashy promotions about the Next Big Thing.
Don’t let powerful elites and media narratives distract you from your goals.
Don’t be content with your place. Always demand more.
Human nature doesn’t change. And since trading is about people, trading doesn’t change.
Follow the plan, stick to your technical tools, and upgrade when you can.
That’s the path to power. And we have what you need to walk it and win.
Yesterday, we saw the full details on the new trading system TRADECOMMAND…
Which allowed my colleague Chris Hood to make $64,000 in a week without ever having more than $10,000 at risk at a time.
Think about what $64,000 in a week would mean for your life.
If you want the best possible weapon as you head into the eternal battle that is trading, trust me, this is the Big Iron you want in your hand.
WORD ON THE STREET
England Facing Ruin, Netanyahu Returns, Odds Improve For GOP
- Bank Of England Joins Doomers – All is not well in the realm of King Charles III. The Bank of England raised interest rates to 3% from 2.25%, the largest increase since 1989. Andrew Bailey, Governor of the Bank of England, said his country will face a “very challenging” short-term environment. It projects unemployment doubling and a recession that will last until the end of 2023. Tories will need to get ahead of these problems or they stand to be wiped out in the next General Election.
Guess Who’s Back, Back Again – Bibi’s back, tell Iran. Benjamin Netanyahu will once again be Prime Minister thanks to a stronger religious right in Israel. His opponent has finally conceded defeat. Netanyahu will command 64 out of the 120 seats in the Knesset. It comes at a crucial time in the Middle East, as Iran faces both internal dissent and possible external conflict with Saudi Arabia and other powers.
All Or Nothing – Polls show that Republicans are slightly favored to recapture both the Senate and the House of Representatives next week. However, Senate races in Pennsylvania, Arizona, New Hampshire, Georgia, and Nevada are all too close to call. FiveThirtyEight calls the race for the Senate a “dead heat.” The GOP could be looking at total control of Congress… or a total humiliation.
Blockbuster – Jack Dorsey must be all smiles. While Elon Musk struggles with Twitter, Jack Dorsey’s Block (once known as Square) crushed expectations on earnings per share, delivering $0.42 a share instead of the projected $0.23. Revenue was also higher than expected. SQ was up more than 12% in after-hours trading.
HOT SPOTS: What’s Going on in Geopolitics
- North Korea Fails The Test – Though North Korea claims to be a nuclear power, its true capabilities are unknown. The Hermit Kingdom launched a powerful ICBM but its test failed. Still, North Korea also launched two shorter range missiles, prompting some Japanese residents to have to seek shelter just in case. In response, the United States and South Korea have extended their joint military exercises.
Chinese Economy Stuttering – Barclays has cut its estimate of China’s economic growth next year to just 3.8% as a global recession will bite into exports. China will almost certainly fail to reach its official 2022 economic growth targets. The Chinese government’s “Zero COVID” policy is partially responsible. It often leads to chaotic lockdowns and panic when people are essentially trapped in their homes after a case is detected. It also stops production, throwing a wrench into supply chains that extend around the world.
Russia Eases Off Nuke Talk – The Russian government made its most direct statement yet that it would not use nuclear weapons. “Russia is strictly and consistently guided by the tenet that a nuclear war cannot be won and must never be fought,” said a statement from the Russian Foreign Ministry.
CUTTING EDGE: What‘s Happening In Tech
- Stripe Wipe Out – The payment processor is taking an axe to its own workforce, cutting about 14%. CEO Patrick Collison explained the “hardest change we have had to make at Stripe to date” in a memo sent to employees. He identified two key problems – surging operating costs and the company being “much too optimistic about the internet economy’s near-term growth in 2022 and 2023.
Lyft Layoffs – Add another tech company to the grim tally of those cutting their workforces. In a second round of job cuts, Lyft (LYFT) is slashing 13% of its staff, or about 700 people. “We’re facing a probable recession sometime in the next year and ride-share insurance costs are going up,” explained corporate leadership.
Coinbase Misses On Earnings, Stock Soars Anyway – Remember, earnings reports are as much about expectations and narratives as they are about numbers. COIN missed estimates on earnings and revenue, but the stock was still up almost 5% in after-hours trading. The reason why lies in Coinbase’s growing userbase – the company boasts 8.5 million Monthly Transacting Users instead of the just 7.84 million that were expected. The company blamed “macro headwinds beyond our control” for the losses, but stressed that it would focus on customer service and reducing operating expenses to make up the difference.
FOR YOUR CONSIDERATION
“I’ve never liked the Fed.”
“As a staunch capitalist, I believe the market can care for itself.”
“The Federal Reserve is a central planning agency. And though it controls the market more indirectly than totalitarian agencies in Communist countries, it can do just as much damage.”
Chris Hood is fresh off some incredible market victories, including earning $64,000 last week through the power of TRADECOMMAND.
Click here to see how he did it.
Just as important as the “how” is the “why.” Your Options Coach argues that you need a “consistently profitable trade system” if you want to “fight against a system bent on destroying us.”
Ready to stand up against the elites? Ready to take what’s rightfully yours?
Just click below.
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