Good Morning!
The US Treasury is increasing its buybacks of longer-dated debt; however, yields remain near their local highs. Energy deflates as more dark transits occur through Hormuz and as mediators renew peace efforts. The US amplifies the economic pressure on Iran, while the US-Canada trade war is also escalating. Crypto and metals outperform general risk assets, ending a series of underperformance over the last few months.
Data-wise, Japanese inflation surprised to the upside while manufacturing in Germany grew at the strongest pace in the last 4 years. Looking at the calendar ahead, today we have Nvidia’s earnings, the monthly change in PCE (expected to be hotter), and US GDP growth (expected to be softer). On Friday, Warsh will speak at Jackson Hole, and we also get the yearly revision on Nonfarm Payrolls. Next week, India’s GDP growth is expected to cool from last quarter, and yearly European inflation is expected to tick up by 0.2%.
Important Dates
WE CALLED IT
ETHERFI
+15%
$0.25 → $0.28BARD
+15%
$0.105 → $0.12
CashCat
+37%
$0.09 → $0.122
CRCL
+32%
$65 → $85.5
MSTR
+20%
$94 → $112
MSTR
+32% for the week
+30% total on crypto breakoutERO
+17% for the week
+57% total as copper names surged
UEC
+14% for the week
+108% total as Uranium names bounced following KAP earnings
WIZARD’S WEEKLY MUSING
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