Equity Markets: To be honest I think the equity markets did better that most of the predictions on CNBC or TheStreet. The U.S. equity markets dropped this week on totally conflicting economic data that was difficult to make any sense off. As a trader, I had to weigh in recession concerns as the Fed continues to tighten up the economy. The Dow dropped about 3%, the S&P 500 is down 3.5%, and the Nasdaq fell 4%.
Crypto: The drama continues. The pessimists are all over town predicting the end of crypto that will never happen. It’s time to get real and recognize that crypto is here to stay. Finally happy that the SEC has come and gave directions on crypto disclosures by companies. I wish they did it before the FTX disaster.
This week we should pay attention to two things. November retail sales data is about to come out. If it’s positive, we will see the market get a shot in the arm. I am also interested to see the Oracle earnings come out. Most of the tech companies have been taking a beating this quarter and I think Oracle will be an exception. They are less dependent on Add revenues like the rest of tech. Its will be time to see how Larry’s fortunes play out. i am bearish on Larry and Oracle.