Daily News

China Bounces Up, Volumes Super Low

Good Morning Everyone!

Prices as of 4 pm ET, 11/28/22; % YTD


China said it would bolster vaccination among senior citizens (over age 80)

  • China ETF bounced back overnight

Just 23 trading days left in 2022

  • Volumes continue to be very low

  • Activity continues to be very low

  • Small changes in this kind of market creates greater than expected volatility

Yesterday Fed Speak: both New York Fed Williams & St. Louis Fed Bullard hint at 50-point hike on Dec. 14

Today Housing data at 9 a.m., Consumer confidence at 10 a.m.

Tomorrow Jay Powell speaks

Friday November jobs data

Dec. 14 FOMC meeting

Fed Williams expects inflation rate to fall to

  • 5% to 5.5% by the end of the year

  • 3% to 3.5% by end of 2023

  • 2% Fed’s target rate

Crude 78.50 +2%

  • Up today on China reversal

  • China cases in China fell slightly today to 38,000 from 40,000

Europe still has not agreed to a price cap

  • Poland and the Baltic nations are objecting to $65-70 level because this would allow Russia to continue to sell oil to Europe at market prices to fund the war


  • Delivery times on the iPhone 14 Pro stretch to a record 37 days due to supply chain disruptions

  • Announced most downloaded apps of 2022

  • It appears Meta’s (NASDAQ:META) core products are still very much in the game

Disney (NYSE:DIS)

  • Shanghai Disneyland to be closed

  • It’s the second time this month

  • L.A. times reporting CEO Bob Iger not looking to sell company to Apple

  • Iger held a townhall yesterday: will focus on profitability not subscribers

  • Does that mean he will take down Fiscal 2024 Disney+ subscriber guidance?

U.S. Rails

  • Biden called on Congress to pass legislation that would avert a rail shutdown

  • 4 railroad unions (115,000 workers) have rejected a proposed contract

Earnings Today None

Earnings tonight

  • CrowdStrike (NASDAQ:CRWD) 8% implied move

  • Workday (NASDAQ:WDAY) 7% implied move

  • Intuit (NASDAQ:INTU)


BlockFi files for Chapter 11 bankruptcy

  • Nov 10 – halted withdrawals in wake of FTX fallout

  • ~$257 million cash on hand

  • +100,000 creditors

  • Executive estimate assets and liabilities in range of $1 to $10 billion (LOL)

  • Previously on brink of bankruptcy after Three Arrows Capital (3AC) implosion

    • FTX “saved” the day then

  • But not really…

Digital asset flows

  • Investment products saw $23 million in outflows last week

  • Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) outflows totaled $10 and $6 million, respectively

  • Altcoins outflows continue

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