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Nasdaq just hit +7% on the day. MOC is fairly subdued at 200M buy side (for now). Bears getting the life squeezed out of them.

Mutual funds? What is this, 1990's?

*I jest, however, sentiment has shifted prior to this CPI report. This is the first real progress shown and already we have multiple Fed members today talking about pauses and lowering hikes. Futures have pulled back on the 5% end target already today as well. Just set some stops and re-evaluate...

And to reinforce this, my bigger (long term account) wins are scaling into weakness at specific levels. You MUST put money to work at some point. (Notice in my scaling that even I didn't time "the bottom" of 348 for any adds. I was eyeing 340ish for a 250 share add) The day / swing trader...

Those AMZN calls *edit >200%

10:44 (US) Market Trading Hours Summary: October CPI offers significant hope for investors Summary US stock markets surged, led by the tech-heavy NASDAQ, and bond yields plunged after Oct CPI data offered signs of real relief for the Fed. Stock volumes spiked >40% above the recent 3-month...

10:32 FTX Reportedly made an approach to Kraken as a possible bailout partner -Axios

Opened +83% on those AMZN calls. *edit: now over 100%

Numbers: 08:30 *(US) OCT CPI M/M: 0.4% V 0.6%E; Y/Y: 7.7% V 7.9%E (annual pace below lower-end of all analysts' expectations and records its 4th straight decline) - CPI (ex-food/energy) M/M: 0.3% v 0.5%e; Y/Y: 6.3% v 6.5%e - CPI Index NSA: 298.012 v 298.488e - CPI Core (seasonally adj)...

CPI under expectations. Jobless above estimates. Market rallies hard. Going to be interesting, as this is the first real progress shown. Are people trimming profits and setting up shorts again, or will a real bid come in and finally take us over the $SPY 390 major pivot level? Stay tuned...

15:54 (US) SEC's Gensler: SEC will have a key role in overseeing crypto exchanges; Investors are getting hurt in crypto markets - Crypto platforms should not be able to self-certify

Binance out of the FTX deal. Bitcoin new lows (16.3k as of writing)

Tesla: Between Elon selling another ~$4B shares and the company holding bitcoin on their balance sheet, this stock has really pulled in. If it doesn't reclaim this ~180.40 level, the next stop down isn't until ~167.50 This thing is currently getting pulled down with the sinking crypto ship.

Someone MUST be trolling that low print! @Sanrith Descartes 🤣

11:11 [FTX.IPO] Reportedly US probing company over handling of client funds and lending - press https://www.bloomberg.com/news/articles/2022-11-09/us-probes-ftx-empire-over-handling-of-client-funds-and-lending?srnd=premium&sref=9HT8lz40

10:34 [FTX.IPO] Reportedly Binance looking to scrap bailout of FTX following initial due diligence - press - Following first look at internal data and loan commitments has led Binance to strongly lean against completing the transaction Bitcoin briefly dipping under 17k

The week’s price action on TSLA has been fairly obvious that some big player(s) have been unloading shares.

Let’s not forget, energy costs have skyrocketed as well for most of the world. Quite a bit of headwinds from all approaches.

Bitcoin sub $18k Liquidations coming.

Well, Bitcoin just shit the bed again (18.4k) after the bounce on the Binance / FTX news. Took equities down with it.

Crypto volume spike

No, not calling you out specifically. Just pointing out that I have had DRIP for SPY shares without any issue at all. In case you missed the edit:

Latest DRIP shares from SPY. And the Broker statement:

@Sanrith Descartes Can you elaborate on: "The only reason to choose IVV over SPY is SPY wasnt designed to accomodate dividend reinvestment." I ask because I have SPY in my self-managed 401k and I get DRIP shares quarterly (Fidelity broker).

GOOGL has held up relatively well today vs other tech.

I went from a 10XS Max (basically a 10 Pro Max in today's terms) to a 14 Pro Max and there is a very noticeable difference to me. Screen refresh rate while scrolling is smooth as butter. The battery seems to last quite a bit longer with my avg daily use. The camera in dark environments is...

Maybe, maybe not? Apple themselves have talked about scaling back iPhone 14 production due to low demand for weeks now.

Of note, TSLA and AAPL getting sold pretty hard today. TSLA leading relative weakness to any other tech.

NFP (NonFarms Payrolls) huge blowout number tanked us intially, but a very small uptick in unemployment 3.7% vs 3.6% expected has reversed the move.

Yea PYPL - Guides Q4 adj EPS $ v $1.18e, Rev $7.38B v $7.74Be - Cuts FY22 TPV growth +10% (FXN basis), Rev $27.5B v $27.8Be; Raises Adj EPS $4.07-4.09 v $3.93e (prior: TPV growth 16%, Rev $27.9B; Adj EPS $3.87-3.97)

Fwiw

That was, by far, the most confusing flip flopping Q&A I have ever seen out of Powell. First it was inflation progress, then none. Then talking a pause in next meeting or two, then flat out saying (twice) "not a time to be thinking or talking pauses". Then talking about avoid a recession window...

Interesting to note, VIX is still dropping in all of this press conference mess.

https://www.bloomberg.com/news/articles/2022-11-02/opendoor-lays-off-18-of-workers-in-wave-of-housing-cutbacks?srnd=premium&sref=9HT8lz40 Ooops!

In a recession, "historically low" PE always looks great until the Earnings revisions lower start to hit.

JPow: "VERY premature to be thinking or talking about pausing." Theres the bomb.

JPow: "Rates need to be higher vs previously expected." Theres the index drop.