$BITO | The Daily Peel | 10/18/21

Silver Banana goes to...

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Market Snapshot

Markets ended the week on a tear. The Dow rose 1.09% on Friday and the S&P gained 0.73% while the Nasdaq bumped up 0.5%

Meanwhile, we heard you still haven’t signed up for Titan yet. There really is no excuse as Titan provides best-in-class investment and portfolio management with expertise that very few firms could contend with. Trade better with Titan and check them out today!

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Macro Monkey Says

ETBs — ETFs, ETNs, ETPs, and ETCs have all had their day in the sun, but it's time for a new letter to be added to that list. Exchange traded bitcoin, or “bitcoin ETFs” are officially on the launchpad and ready to take off this week. ProShares Bitcoin Strategy ETF ($BITO) will, in all likelihood, be the first to launch when the 75-day SEC objection period expires on Tuesday, finally giving institutions a traditional way to access the digital currency market. 

Investors have been dying for this. While teenagers have been trading and making absolute bank in the digital currency space for years now, the boomers that run Wall Street are apparently too boomer to figure out how to buy digital currencies like BTC in their native environment. Coinbase and even Uniswap really aren’t that hard, and Titan Crypto is even easier, as the first actively managed crypto portfolio. Apparently, however, making ETFs for the digital asset is the way to go. No one has been waiting for this more than the Winklevoss twins, who proudly got their application for this kind of product rejected in 2017.

Still, the SEC has yet to formally approve the product. But securities laws are weird, so as long as the SEC doesn’t lay down a formal rejection, and exchanges permit trading, as NYSE Arca has, issuers have the green light. In anticipation, traders have pushed the price of BTC back above $60,000, reaching as high as $62,688 last week. However, as we learned from Squid Game, it doesn’t take long for the light to turn red and players to start getting shot down.

Evergrande — The CCP, in their classic commie way, has finally broken their silence on the Evergrande debacle. China’s central bank governor Yi Gang brought a calming voice to concerned counterparts who feared a spillover could ignite a GFC 2.0, saying “overall, we can contain the Evergrande risk.” Whether or not that is true is another question, as I’m sure Lehman CEO Richard Fuld thought the same thing about subprime mortgage products. To be fair, Yi did also state that the situation “casts a bit of concern”, but judging by the chart below, the market is a lotta bit concerned. Chinese junk bond yields hit a decade-long high as fixed income demand in the nation fell faster than DaBaby’s career.

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What's Ripe

Alcoa Corp. ($AA) — The Aluminum Corporation of America, aka Alcoa, is one of the most storied companies in American business history. Founded in 1888, the firm is still killing it, as shares burst 15.2% on Friday on one hell of an earnings beat. Of course, the everything shortage that’s been propelling commodity prices all year certainly helped, and with aluminum up over 60% YTD, Alcoa really could do no wrong. CEO Roy Harvey made his investor’s day when he voiced that the shortages of aluminum, and key materials needed to make aluminum, aren’t going anywhere for a while.

CBOE Put / Call Ratio — The Put / Call ratio, a measure of market jubilance or lack thereof, has been more volatile than usual of late, if you can believe it. The indicator divides the number of puts being bought by that of calls to gauge where sentiment seems to be. A rising ratio, like Friday’s 6.7% jump, is no bueno, as traders are buying more puts than calls over the period in question. Don’t freak out yet, however, the ratio sits at 0.48 right now, meaning the bulls are still running the show, but the bears are seemingly ready to fight.

 

What's Rotten

Domino’s Pizza ($DPZ) — In a world on fire, sometimes the best medicine is a hot, cheesy pizza. Well, now you can’t get that either, thanks to the labor market not exactly "vibing" with delivery drivers right now. Domino’s saw a decline in same store sales in their latest earnings report for the first time in a decade while also coming in under revenue estimates and missing on net income. Shares fell 4.7% on the release, and I’m willing to bet at least one former delivery driver who recently quit, shorted the stock and made money off the trade. Is that insider trading?

Corsair Gaming Inc. ($CRSR) — Even gamers can’t escape the everything shortage. Corsair, a maker of video game products like headsets, keyboards, and PC components, announced preliminary Q3 results in an attempt to disperse the sh*tstorm they’ll face on the release. The firm said revenues would come in well under consensus estimates and, to pour salt on the wound, reduced FY’21 guidance across the board

 

Thought Banana:

Betting on JPow — Obviously we’re all complete degenerates here, so I just had to share another fun way to gamble even more of the allowance your wife gives you. In case you haven’t heard, PredictIt is a firm that allows users to make bets on pretty much anything. One of the hottest lines recently has been whether or not King JPow holds his throne as the Fed Chair when nominations occur next year. Right now, things are looking good. Of course, we can’t really take the odds here as a solid indicator of what the market thinks (because it's all degenerates, like us), but those degenerates clearly have faith that Joey B will renom JPow. Brainard seems to be the only real competition, so we’ll see what happens as Democrats, like Massachusetts Senator Elizabeth Warren, continue to revolt against King JPow. Seriously though, how do all the contenders have such boring names and faces?

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Wise Investor Says

"Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows." — Jim Rogers

 

Happy Investing,

Patrick & The Daily Peel Team

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