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Good Morning Everyone!
Remember bear markets are just a pit stop on the way to new highs.

MARKET UPDATE
Big week
Monday, Tuesday Quiet
Wednesday CPI inflation data, the street is at 8.8% headline, peak inflation?
Thursday JP Morgan reports Q2 earnings
Wed/Thurs Biden visits Saudi Arabia
US$ 107.6 New High Highest Since 2003
C$ 76

Crude 101 -3.5%
Commodity/Crude markets focused on China
Highly infectious BA.5 sub variant’s impact on China
Macau shut for a week, July 11-18), first closer since 2020, may last longer
Potential for Shanghai and some manufacturing provinces (Anhui/Jiangsu) to shut
Crude -2%+
Steel Rebar -3%
Iron Ore -3%
It’s official, this deal is heading to court
Auto loans are getting expensive
WSJ reported the average monthly payment for a new car loan hits an all-time high of $686/month in June
Auto stocks have been getting hammered
stock price has been cut in half since the beginning of the year

GRIT STOCK:
Amazon
Valuation is 100% AWS and 0% for retail
As of June 30, 2022, Amazon had 172 million Prime members
Amazon put through a $20 increase in February
Bloomberg reporting today that Prime membership growth has stalled
This is like Netflix membership growth stalling BUT the Market is not paying anything for retail
CRYPTO UPDATE
G20 Finance Stability Board (FSB)
FSB called for new global rules for crypto this morning
Will submit report in October on regulatory & supervisory approaches to stablecoins, other crypto assets
Ethereum sees 3rd consecutive week of inflows
ETH had previously experienced an 11-week outflows streak
Increasing probability of “The Merge”
“The Merge” moves Ethereum from Proof-of-Work → Proof-of-Stake
Bitcoin remains rangebound
Fear & Greed Index is starting to improve, off Extreme Fear bottoms and back up to May levels
But still below its 200-week average
What used to be a tight correlation with the Nasdaq has faded – will the gap be filled? Which way?

MEME OF THE DAY

Which tickers are driving the conversation on Reddit?

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