Wall Street: “Nothing to see here, move along!”

There’s a particular meme-worthy scene from The Naked Gun that comes to mind right now.

After a car crashes into a fireworks factory, there are explosions everywhere. As the spectacle rages in the background Lt. Frank Drebin assures the crowd, “Nothing to see here!”

That’s basically the banking sector right now.

In the short term, it really does seem like the crisis is over.

A remarkable 11 banks have moved to back up the regional bank First Republic.

The market picked up speed yesterday as we see a minor rally in advance of the Fed’s meeting next week.

Some are suggesting the Fed might even cut interest rates – though I doubt it.

What’s really happening is that we’re seeing the System pull out all the stops to boost confidence.

On the surface, things seem fine.

Underneath, we’re seeing a minor crypto boom as well as a rise in gold and silver… with silver even approaching $22 an ounce.

That suggests a lot of people out there aren’t buying the Narrative that all is well.

Remember, in trading, always run to the sound of the guns…

And when The Powers That Be tell you there’s nothing to see, never believe them

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.

Click this link right now to discover your next steps.

COACH’S CORNER

Finally, a day with a continued trend and far less chop. These are so much easier to trade and we really nailed it today in the Trade Command room. After a lackluster start, it was nothing but up. Honestly, I have no idea why the market rallied.”

“Maybe comments from Secretary Yellen or Biden’s promise to prop up the banks. Truthfully, I could care less. As long as we’re making profits, the market can do whatever it likes.”

“This is not a bull market recovery, that much I would bet on. So be very careful of falling into a bull trap. Volatility has been off the chart, especially in the bond market, and that never bodes well for stocks. But however bearish an outlook you might have for 2023, you have to play what the market gives you.”

“Just be careful, especially if you put on any positions that run into next week’s FOMC rate hike announcement. No one knows what’s going to happen.”

“As you build out your watchlist, it’s worthwhile to take a look at nuclear energy stocks. They seem to be the flavor of the day and consider getting in on the run.”

“Take a look at the BWXT daily chart above:”

“This stock has been on fire and it looks ready for another leg up.”“After consolidating for the past couple of months it’s breaking out to the upside and you should be able to find a long trade with the proper analysis.””Just remember, when markets crash they tend to pull down everything. Keep any bullish positions on short time frames and watch your allocation size.”

Cheers,
Chris Hood

WORD ON THE STREET

First Republic Saved, FedEx Delivers Profits, INTL Gets Upgrade

First Republic Has A Posse – A group of 11 separate institutions are chipping in to help the struggling bank First Republic survive. Investors include Bank of America, JP Morgan Chase, Wells Fargo, and Citigroup, all of whom are donating $5 billion. In total, the financial institutions are investing $30 billion to the cause.
FedEx Ups Outlook – Despite continued demand weakness and inflation, FDX was up more than 11.5% in after-hours trading yesterday. The delivery company improved its earnings forecast for this fiscal year, driven partially by a revenue gain of 11% per shipment.

FDX was also up more than 4% during the trading day

INTL Up As Semiconductors Gain – Intel received an upgrade from Susquehanna Financial Group analyst Christopher Rolland, giving it a hold instead of a sell. It was up more than 6% during the trading day as Rolland said the downcycle for the semiconductor market has passed.
Bitcoin Booming – Bitcoin surged past $25,000 and was even approaching $26,000 as crypto benefitted from the crisis of confidence in the banking sector. BTC is up more than 55% YTD, with the Ethereum token ETH doing almost as well over the same time period, over 42%.

HOT SPOTS: What’s Going on in Geopolitics

Macron Sparks Fury By Arbitrarily Raising Retirement Age – French president Emmanuel Macron used his constitutional powers to raise the retirement age to 64 from 62, sparking a wave of riots and strikes. Lawmakers in the lower house, the National Assembly, screamed and booed in protest and the government may face a no confidence vote.
China Sending Russia “Hunting Rifles” – Lol. Lmao even. According to Politico, China is sending Russia 1,000 assault rifles and other military gear, breaking its word not to contribute weapons to Russia’s military effort. It’s ok though, it’s not what it looks like – the CQ-A rifles that are modeled off the M-16 have been classified as “civilian hunting rifles” in shipping data.
Poland Sending Planes To Ukraine – A NATO nation is now directly involved in sending fighter jets to Ukraine. Poland is sending four Soviet-era jets to Ukraine – not the modern F-16s that Ukraine wants. However, a Ukrainian official said the jets would still be used “very efficiently by our air force.”

CUTTING EDGE: What‘s Happening In Tech

YouTube Price Hike – YouTube is hiking its price for the first time in 3 years – YouTube TV will now cost $72.99 a month, up from $64.99. YouTubeTV said the price hike is necessary because “of the broader rise of content costs & not specifically due to our new football offerings.
META Abandons NFTs At Wrong Time – Don’t look now, but Non-Fungible Tokens (NFTs) are undergoing a bit of a renaissance. However, Meta Platforms (META) is ending its platform for NFTs as part of its new focus on efficiency with a much reduced workforce.”
Apple Ready To Enter AI Wars – The New York Times reports that Apple is working on its own “language generating concepts,” possibly developing something that could compete with Microsoft and OpenAI. Apple reportedly held a major AI summit at its company headquarters last month.

Teams working on Siri are reportedly involved with the project, meaning AI could soon be integrated with it

“The recent collapse of Silicon Valley and Signature Banks and the liquidity crisis of Credit Suisse has me deeply concerned.”

“It takes time for high interest rates and QT to cause damage.”

“And there will be lasting damage to the economy.”

Yesterday may have simply been the calm before the storm. Chris Hood breaks down what is really happening in the financial sector when it comes to Big Tech… and predicts the worst is yet to come.

TROUBLE BREWING IN BIG TECH

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Wall Street: “Nothing to see here, move along!”

WORD ON THE STREET

First Republic Saved, FedEx Delivers Profits, INTL Gets Upgrade

FedEx Ups Outlook – Despite continued demand weakness and inflation, FDX was up more than 11.5% in after-hours trading yesterday. The delivery company improved its earnings forecast for this fiscal year, driven partially by a revenue gain of 11% per shipment.

INTL Up As Semiconductors Gain – Intel received an upgrade from Susquehanna Financial Group analyst Christopher Rolland, giving it a hold instead of a sell. It was up more than 6% during the trading day as Rolland said the downcycle for the semiconductor market has passed.

HOT SPOTS: What’s Going on in Geopolitics

CUTTING EDGE: What‘s Happening In Tech

META Abandons NFTs At Wrong Time – Don’t look now, but Non-Fungible Tokens (NFTs) are undergoing a bit of a renaissance. However, Meta Platforms (META) is ending its platform for NFTs as part of its new focus on efficiency with a much reduced workforce.”

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