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Market Wrap Up

Round up of today’s market news

ByBilals Tech

Jan 9, 2024 #Market Wrap Up
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North American News

Nasdaq Resilient as U.S. Stock Market Ends Mixed: Tech Shines with a Small Gain

The major US stock indices are closing mixed. The Nasdaq index scraped together a small gain. The S&P and Dow both fell.

A snapshot of the closing bell shows:

  • Dow Industrial Average fell -164. points or -0.45% at 37516
  • S&P index fell moves them .26 points or -0.15% at 4756.47
  • Nasdaq index rose 13.93 points or 0.09% at 14857.70

Looking at the Dow 30, Chevron led the losers today:

  • Chevron -2.56%
  • Dow -2.08%
  • Walt Disney -2.03%
  • Disney -1.41%
  • Goldman Sachs -1.34%

Winners in the Dow included:

  • Merck +0.89%
  • Walmart +0.66%
  • Procter & Gamble +0.38%
  • Visa +0.30%
  • Microsoft +0.29%

Other big winners today included:

  • CrowdSstrike +4.78%
  • DoorDash 4.60%
  • Palo Alto Networks, +3.77%
  • Papa John’s, +3.38%
  • Shopify +3.10%

Losers:

  • Moderna, -4.58%
  • Schlumberger, -3.62%
  • Fortinet, -3.04%
  • Tencent -2.74%
  • Corning -2.33%

ON Friday, the earnings calendar kicks off with the traditional banking earnings. Reporting on Friday:

  • J.P. Morgan Chase
  • Citicorp
  • Bank of America
  • Bank of New York Mellon
  • Wells Fargo
  • BlackRock

U.S. Treasury auctions $52 billion of three-year notes at a high yield of 4.105%

  • WI level at the time of the auction was 4.116%
  • High-yield
  • WI level at the time of the auction 4.116%
  • tail -1.1 basis points versus 6-month average of 0.4 basis points
  • Bid to cover 2.67X vs 6-month average of 2.70X
  • Dealers 17.9% versus 6-month average of 17.7%
  • Directs 16.8% versus 6-month average of 20.1%
  • Indirect 65.3% versus 6-month average of 62.3%

Atlanta Fed Q4 GDPNow 2.2% vs 2.5% prior

  • GDP tracker from the Atlanta Fed ticks lower

The consensus on Q4 growth is around 1% so the Atlanta Fed tracker is still well-above it but they are converging.The latest estimate is 2.2% from 2.5% on January 3.

After recent releases from the US Bureau of Economic Analysis, the USCensus Bureau, the US Bureau of Labor Statistics, and the Institute forSupply Management, the nowcasts of fourth-quarter gross personal consumption expenditures growth and fourth-quarter gross private domestic investment growth decreased from 2.9 percent and 0.5 percent, respectively, to 2.6 percent and -0.6 percent, while the nowcast of thecontribution of the change in real net exports to fourth-quarter realGDP growth increased from -0.23 percentage points to -0.07 percentage points.

US November international trade deficit -$63.2 billion versus -$65.0 billion estimate

  • US November international trade deficit for November 2023
  • Prior month -$64.3 billion revised to $-64.5 billion
  • International trade deficit $-63.2 billion versus $65.0 billion estimate
  • Good trade balance -$89.4BB vs -$90.27
  • November exports totaled $253.7 billion, a decrease of $4.8 billion from October.
  • November imports were $316.9 billion, down $6.1 billion from October.

The goods and services deficit in November decreased due to a $0.6 billion reduction in the goods deficit (to $89.4 billion) and a $0.7 billion increase in the services surplus (to $26.2 billion).

Year-to-date, the goods and services deficit has decreased by $161.8 billion, or 18.4%, compared to the same period in 2022. Over the same period, exports increased by $28.8 billion (1.0%) and imports decreased by $133.0 billion (3.6%).

Other details:

Exports of goods decreased $5.4 billion to $168.0 billion in November.

  • Exports of goods on a Census basis decreased $5.6 billion.
    • Industrial supplies and materials decreased $3.6 billion.
    • Nonmonetary gold decreased $1.9 billion.
    • Crude oil decreased $1.0 billion.
    • Organic chemicals decreased $0.7 billion.
  • Automotive vehicles, parts, and engines decreased $0.8 billion.
    • Other automotive parts and accessories decreased $0.4 billion.
    • Trucks, buses, and special purpose vehicles decreased $0.3 billion.
  • Consumer goods decreased $0.5 billion.
    • Artwork and other collectibles decreased $0.5 billion.

Exports of services increased $0.6 billion to $85.7 billion in November.

  • Travel increased $0.2 billion.
  • Other business services increased $0.1 billion.
  • Transport increased $0.1 billion.
  • Government goods and services increased $0.1 billion.

Imports of goods decreased $6.0 billion to $257.4 billion in November.

  • Imports of goods on a Census basis decreased $5.9 billion.
    • Consumer goods decreased $4.1 billion.
      • Cell phones and other household goods decreased $1.9 billion.
      • Pharmaceutical preparations decreased $1.4 billion.
    • Industrial supplies and materials decreased $0.8 billion.
      • Other petroleum products decreased $0.5 billion. 
      • Organic chemicals decreased $0.4 billion. 
      • Crude oil increased $1.5 billion.
    • Capital goods decreased $0.7 billion.
    • Drilling and oilfield equipment decreased $0.7 billion.

US December NFIB small business optimism index 91.9 vs 90.6 prior

  • Latest data released by NFIB – 9 January 2024

This is the 24th straight month that the index remains below the 50-year moving average of 98. NFIB notes that small businesses remain very pessimistic about the outlook coming into this year, with 23% of firms reporting inflation to be their single-most important problem in business operations – up 1% from November. Adding that while 2023 is now “in the rearview mirror, it will weigh heavily on the 2024 economy”.

FAA:Every Boeing 737 Max 9 with a plug door will remain grounded until each can safely fly

  • Boeing shares are lower on the day

The FAA is out saying:

  • Every Boeing 737 Max 9 with plug door will remain grounded until agency finds each can safely return to service
  • Boeing is revising initial version of instructions for 737 Max 9 inspections and maintenance.
  • FAA says after it receives a revised version of Boeing 737 Max 9 instructions, it will conduct a thorough review.

Boeing shares are down $3 or -1.31% at $225.57.

Fed’s Bowman says she remains willing to hike if inflation progress stalls

Federal Reserve Governor Bowman is speaking at the South Carolina Bankers Association 2024 Community Bankers Conference:

  • Inflation could fall further with policy rate held steady for some time
  • Current policy stance appears sufficiently restrictive
  • It will eventuallybecome appropriate to lower Fed’s policy rate, should inflationfall closer to 2%
  • Labor market supply and demand coming into better balance
  • Upside inflation risks remain, including geopolitical and easing financial conditions
  • I will remain cautious in my approach to considering changes to Fed policy rate
  • Remain willing to raise policy rate at a future Fed meeting, should inflation progress stall or reverse
  • Climate guidance from banking regulators diverts resources from core financial risks

More woes for Boeing – loose bolts found on MAX plane during inspection

  • United Airlines finds loose door plug bolts on undisclosed number of Boeing 737 MAX 9 aircraft during inspection.

The latest update on 737 MAX planes is that United Airlines confirms that it has found loose door plug bolts and installation issues on an undisclosed number of its Boeing 737 Max 9 aircraft.

Canada November trade balance +1.57B vs +2.00B expected

  • Canadian November 2023 international trade data
  • Prior was +2.97B
  • Exports $65.74B vs $65.98B prior
  • Imports $64.17B vs $63.01B prior
  • Canada’s trade surplus with the United States narrowed from $12.1 billion in October to $11.7 billion in November.
  • In November, monthly service exports were up 1.0%

Canada November building permits -3.9% vs -1.7% expected

  • Canadian November building permit data
  • Prior was +2.3%

Commodities

Silver trading at a loss, gains rejected at 100-day SMA amid US recovery

  • The white metal declined towards the $22.95 level, marked by a roughly 0.40% setback from its daily high at $23.35.
  • The US dollar rebounded, erasing Monday’s downturn favored by a negative market mood.

Silver witnessed a decline in Tuesday’s session, trading around the $22.95 level, showcasing a 0.40% loss. The lingering influence of a stronger US dollar coupled with a risk-averse mood in the markets has contributed to the metal’s downward trajectory.A key factor in this movement has been the price’s failure to break past the 100-day Simple Moving Average (SMA) at $23.30, making the metal change directions during the American session.

Gold holds gains amid risk aversion and falling yields

  • Gold remains above $2030, supported by US Dollar strength despite falling US bond yields.
  • US economic data shows improved small business sentiment and a narrowing trade deficit, impacting gold dynamics.
  • Investors await US CPI data for further direction, with Gold’s movement likely influenced by inflation expectations.

Gold price clings to decent gains above 0.15% during the mid-North American session on Tuesday, amid risk aversion, alongside overall US Dollar (USD) strength across the board. US Treasury bond yields had erased their previous gains, a tailwind for the yellow metal, which has an inverted correlation, particularly with the 10-year benchmark note yield.

US crude oil futures settle at $72.24

  • Up $1.47 or 2.09%

The price of crude oil futures are settling at $72.24.That is up $1.47 or 2.08%. The high price reached $72.93. The low price was down at $70.47. Yesterday, the price tumbled -4.12%. The gains today erased some of those declines.

Oil API survey of inventory shows much larger draw than was expected

  • Crude -5.215 million (exp. -1.2 million)
  • Gasoline +4.896 million
  • Distillates +6.873 million
  • Cushing -625,000
  • SPR +600,000

EIA Report On Energy

Short-Term Energy Outlook

Overview 

This STEO will be the first to include forecasts for 2025.

  • Electricity generation. We expect solar power to be the leading source of growth in electricity generation in both 2024 and 2025 as 36 gigawatts (GW) and 43 GW of new solar capacity come on line, respectively. The new capacity will boost the solar share of total generation to 6% in 2024 and 7% in 2025, up from 4% in 2023. We forecast that overall U.S. electricity generation will grow by 3% in 2024 and be unchanged in 2025. Driven by our forecast of rising generation from solar and to a lesser extent wind, we expect that electricity generation from coal will decline by 9% in 2024 and by 10% in 2025, due to a combination of higher costs compared with renewables and another 12 GW of coal-fired capacity retiring over the next two years. We expect that electricity generation from natural gas will be unchanged in 2024 and 2025 compared with 2023.
  • U.S. crude oil production. Our forecast of crude oil production in the United States reaches 13.2 million barrels per day (b/d) in 2024 and more than 13.4 million b/d in 2025, both of which would be new records. Production growth continues over the next two years driven by increases in well efficiency. However, growth slows because of fewer active drilling rigs.
  • Global liquid fuels consumption. We expect growth in global liquid fuels consumption will be lower over the next two years: forecast consumption grows by 1.4 million b/d (1.4%), in 2024 and by 1.2 million b/d (1.2%) in 2025. Although growth in 2024 and 2025 is less than the 1.9 million b/d growth in 2023, it is largely consistent with the 1.2% average annual growth in global liquid fuels consumption over the 20 years from 2004–2023. We attribute the reduction in growth to slowing oil demand growth in China due to stalling GDP growth, increasing vehicle fleet efficiency, and an end to pandemic recovery-related growth in 2023. Despite lower oil demand growth, global consumption of liquid fuels still reaches a new record of over 103.5 million b/d in 2025.
  • Global liquid fuels production. We forecast that global liquid fuels production growth also slows. Production rises by 0.6 million b/d in 2024, down from 1.7 million b/d of growth in 2023, as OPEC+ continues its policy of production restraint and U.S. tight oil production growth decelerates. In 2025, we forecast global liquid fuels production will rise by 1.6 million b/d, about 50% of which is rising OPEC+ crude oil production.
  • Crude oil prices. We forecast that the Brent crude oil price will average $82 per barrel (b) in 2024, about the same as in 2023, and then fall to $79/b in 2025, when we expect production growth will slightly outpace demand growth, allowing inventories to build modestly and place some downward pressure on crude oil prices. Recent developments in the Middle East increase the risk for supply disruptions over the forecast, which could result in higher and more volatile prices we currently forecast.
  • U.S. gasoline prices. The U.S. average retail gasoline price declines in our forecast as gasoline inventories increase and gasoline crack spreads fall. We expect U.S. gasoline prices to average around $3.40 per gallon (gal) in 2024 and $3.20/gal in 2025, compared with an average of more than $3.50/gal in 2023.
  • Natural gas production. U.S. production of dry natural gas in our forecast grows between 1% and 2%, or about 1.5 billion cubic feet per day (Bcf/d) in 2024 and 1.3 Bcf/d in 2025, down from growth of 4.0 Bcf/d in 2023. The slowing growth reflects a drop in natural gas production associated with oil drilling in the Permian Basin. U.S. dry natural gas production of 105 Bcf/d in 2024 and 106 Bcf/d in 2025 would both be records.
  • Natural gas prices. We expect the spot price of natural gas to average $2.70 per million British thermal units (MMBtu) in 2024 and rise to an average of about $3.00/MMBtu in 2025, up from an average of $2.54/MMBtu in 2023. Prices increase because of slowing growth in natural gas production and increasing U.S. liquefied natural gas exports, particularly in 2025 following the addition of new export capacity in late 2024. However, we expect upward price pressures will be limited by relatively flat consumption of natural gas in the electric power sector and persistently high inventories.
  • Coal production. Faced with continuing declines in coal consumption in the electric power sector, we expect U.S. coal production will decline by more than 90 million short tons (MMst) to less than 490 MMst in 2024 and then fall below 430 MMst in 2025, the least coal produced in the United States since the early 1960s.

Russia reduced December crude output by the most since cuts started

  • Russia pumped 9.57 million bpd

Russia appears to be delivering on promised production cuts.

Oil dipped from a high near $73 to back down below $72 but shortly before these headlines, oil began to rally again, perhaps with the help of the improving risk trade.

EU News

Eurozone November unemployment rate 6.4% vs 6.5% expected

  • Latest data released by Eurostat – 9 January 2024
  • Prior 6.5%

The euro area jobless rate actually ticked lower in November and that continues to reaffirm that labour market conditions are very much holding up despite the economic slowdown in the region.

Impact of monetary policy shocks is greater on manufacturing than services – ECB study

  • The ECB releases a study stating that monetary policy shocks have an impact on manufacturing that is nearly twice as strong and around two quarters faster than the impact on services

The study confirms what most people would expect via the impact on the economic cycle, that being manufacturing activity leading the services sector. The lead-lag analysis conducted by the ECB shows that manufacturing tends to lead for about three quarters before services take over to wag the tail, although by then the impact is more muted.

The conclusion from the study model is that monetary policy shocks have a greater impact on manufacturing than on services. The result suggests that the impact is almost twice as strong and around two quarters quicker for manufacturing than the impact on services overall.

Germany November industrial production -0.7% vs +0.2% m/m expected

  • Latest data released by Destatis – 9 January 2024
  • Prior -0.4%

Taking out energy and construction, industrial output was still down 0.5% on the month. The breakdown shows a fall in production for capital goods (-0.7%), intermediate goods (-0.5%), and consumer goods (-0.1%). Energy production did increase by 3.9% on the month but that is offset by a fall in construction output by 2.9%.

France November trade balance -€5.9 billion vs -€8.6 billion prior

  • Latest data released by INSEE – 9 January 2024
  • Prior -€8.6 billion; revised to -€8.5 billion

The French trade deficit narrowed in November even as exports declined by 0.6% on the month. But there was an even larger drop in imports, by 4.8%, and that helped to see the trade deficit shrink.

UK consumer spending rises in December slower than in November, boosted by lower inflation

  • Barclays says lower inflation ahead could provide consumers with more spending power in 2024

Data from Barclays on card spending in December:

Consumer spending +2.3% y/y (this is Barclaycard customers spending via credit and debit cards)

  • prior +2.9%

Barclays said that part of the fall in the month reflected lower inflation.

  • “We expect (inflation) to fall further in the opening months of 2024. This puts more spending power in the pockets of UK consumers and should help support them to continue to spend, even against the tough backdrop of weak economic growth,”

UK like-for-like sales +1.9% in November (prior +2.6%)

  • Weak consumer confidence continues to impact spending

British Retail Consortium (BRC) data:

Like-for-like sales +1.9% y/y in December

  • prior +2.6%

Total sales +1.7% y/y in December

  • November was +2.7%

BRC comment:

  • “The festive period failed to make amends for a challengingyear of sluggish retail sales growth, as weak consumerconfidence continued to hold back spending,”

Survey sponsors KPMG:

  • “Christmas shoppers ditched clothing, jewellery and technology gifts, opting for beauty, health and personal care products,”

Switzerland December seasonally adjusted unemployment rate 2.2% vs 2.2% expected

  • Latest data released by the Federal Statistics Office – 9 January 2024
  • Prior 2.1%

The number of unemployed persons increased to 106,859 in December, up from 98,011 persons in November last year. That just sees a mild softening in labour market conditions in the Swiss economy, as the jobless rate a year ago was at 1.9%.

ECBs Villeroy: 2024 will be the year of our first rate cuts

  • ECBs Villeroy speaking
  • Barring any surprises, 2024 will be the year of our first rate cut.
  • Our decision will be based on data
  • ECB will not be stubborn, we won’t be rushed.
  • We will cut rates this year when inflation expectations are solidly anchored at 2%

Deutsche Bank downgrade Europe equities to neutral from overweight, stays fullyear bullish

  • Despite short-term concerns, remains bullish on European stocks for 2024

In a note on Monday Deutsche Bank downgraded European stocks to neutral.

DB are wary in the short term:

  • “We expect markets to go mostly sideways with a mild setback of not more than 5% from current levels, predominantly in parts of the market that have seen the biggest inflows in the fourth quarter of last year,”

And look for supportive central bank moves on the way, more than is expected:

  • “We continue to believe that the ECB and the Fed will cut faster and further than the market is currently pricing in,”
  • “However, we expect this to become apparent later this year, once central banks start to openly communicate planned cuts.”

Positioning is working against stocks:

  • “Investor positioning in equities has increased substantially, and positive economic surprises have become fewer, especially in the U.S.,”

That mention of especially in the US lease wiggle room for Europe, though:

  • DB remain bullish on European stocks throughout 2024, saying increased investor positioning does not appear to be in the overbought territory
  • a short-term pullback in European stocks seems likely
  • suggest corporate earnings may grow by 5% and price-to-earnings multiples may expand by 0.5 points due to potentially steady economic growth in China and a reacceleration of growth in the U.S. and Europe in the second half of 2024
  • implies an upside of around 8% for European stocks in 2024

Asia-Pacific-World News

China likely to cut its lending rates on January 21 — Nomura

  • PBOC meets Monday, Jan 21

The US CPI report isn’t the only big one this week.

China also releases its inflation data on January 11 and it will highlight the room the PBOC has to cut rates. The November CPI reading was -0.5% y/y and December is likely to be even lower as energy costs pass through.

That highlights just how much room that China has to lower rates. The PBOC meets on its benchmark loan prime rate on Monday Jan 21 and Nomura is out with a note saying a rate cut is ‘quite likely’.

Seuz shipping – container carriers have entered agreements with Houthis to avoid attack

  • Could encourage more shipping groups to resume transit, mitigating disruptions

Dow Jones conveys a report in Shippingwatch (may be gated) that some shipping lines have made agreements with the Houthis to prevent their ships from being attacked in the Red Sea.

  • Carriers said it was too dangerous to travel through the Red Sea and the Suez canal
  • The Houthi have been targeting shipping with drones, missiles, helicopters and boats in the region
  • Shippingwatch said carriers were entering agreements with the Houthi to avoid attacks, a development that may ease tensions, encourage shipping groups to resume Red Sea transit and thus reduce the recent premium in shipping rates.
  • Shippingwatch clarified that “it is not the largest container carriers who have entered agreements with the Houthis to avoid attack”, and both Hapag-Lloyd and Maersk denied any pact had been reached, according to Bloomberg.

The latest reports say that the number of ships transiting the Suez Canal over the past weekend fell to the lowest since it was blocked by the Ever Given container ship in 2021.

A concern is that the longer journeys – with ships having to sail around South Africa’s Cape of Good Hope – and higher shipping rates once again trigger supply-disruption inflation like that seen during the COVID pandemic.

Australian November Retail Sales +2.0% m/m (expected +1.2%)

Retail sales in Australia for November 2023 +2.0% m/m

  • expected +1.2% m/m, prior -0.2%%
  • the dollar amount was AUD36.5bn, a record monthly high

For the y/y +2.2%.

Weekly survey of Australian Consumer Confidence 84.8, its highest in nearly a year

  • Retail sales data from Australia is still to come later

ANZ-Roy Morgan weekly Australian Consumer Confidence survey comes in at 84.8

  • prior was 81.8

84.8 is the highest since late in January 2023

  • Confidence typically jumps in early January, but this is big one. It’s the 3rd-largest January jump in 15 years.
  • As part of the survey is information consumer inflation expectations. These fell to 5.2%, down 0.1 %.

Bank of Japan likely offloaded shares as stock prices stabilize

  • The Bank of Japan is believed to have sold off shares it accumulated as its sales outstripped ETF purchases

Japanese media, Nikkei, report on how the Bank of Japan is likely to have offloaded some of the shares it has accumulated. Nikkei says

  • The BOJ is believed to have turned a seller in 2023 as its sales of stocks previously purchased from banks as part of measures to stabilize the financial system likely outstripped ETF purchases, which decreased significantly because of stabilizing stock prices.

Says Japanese equities in 2023 were lifted by money from foreign investors and share buybacks by Japanese companies.

  • Private money drove up prices even as the BOJ’s presence as a buyer declined

The Bank of Japan ETF purchases in preceding years were aimed at easing downward pressure on asset prices and prevent a deterioration in market sentiment.From 2017 to 2020, under the BOJ’s ultraeasy monetary policy, the purchase amount ballooned to between 4 trillion yen ($27.8 billion at current rates) and 7 trillion yen a year.A decline became noticeable in the spring of 2021, when the policy was revised to limit purchases to days when stock prices fell sharply. The annual figure fell below 1 trillion yen from 2021 on, and in 2023 it came to around 210 billion yen.

Tokyo headline CPI for December 2.4% y/y (prior 2.6%)

  • Underlying inflation, the core-core measure, remains well above 3%

Falling rates of inflation in the Tokyo area will likely translate to national CPI figures due in around 3 weeks.

The underlying rate of inflation, the core-core (ex food and energy), which is closest to the US measure of core inflation, remains well above the Bank of Japan 2% target and argues for a reduction in accommodative policy.

There was also data on household spending, for November:

-1.0% m/m

  • expected +0.2% & prior -0.1%

-2.9% y/y

  • expected -2.3%, prior -2.5%

Cryptocurrency News

SEC says Bitcoin ETFs have NOT been approved

SEC says its Twitter account was hacked

There are tickers (when it does get approved), which include Grayscale, which will be an interesting arb because of a 7% discount:

Shiba Inu price might extend recovery with massive drop in supply on exchanges

  • Shiba Inu supply on exchanges has declined to its lowest level in six months, at 7.38% of the total SHIB supply. 
  • Shiba Inu’s trade volume climbed to its highest level in nearly three weeks, at 12.1 trillion SHIB tokens on Monday. 
  • SHIB price is likely to rally to $0.00001048 in its recovery. 

Shiba Inu, one of the largest meme coins in the crypto ecosystem, has noted a decline in its token supply on exchanges in the past six months.SHIB supply on exchanges hit its lowest level since July 2023 and typically this is considered a bullish sign for Shiba Inu price recovery. 

SHIB price is at $0.00000929 on Binance. 

Cosmos community votes on proposal to push ATOM toward zero minimum inflation

  • The Cosmos community is voting a proposal to push the minimum inflation rate to 0%.
  • The Cosmos network is expected to produce 7% additional tokens annually even if the entire ATOM supply is staked. 
  • The Cosmos community already approved capping ATOM maximum inflation at 10%.

The Cosmos (ATOM) community is voting on a proposal to set the minimum inflation rate at 0% a month after approving to reduce the maximum inflation level to 10%. Inflation is the reduction in the underlying asset’s value as its circulating supply increases.

The Cosmos community has until January 23 to decide for or against the request.

If approved, ATOM stakers and holders are likely to benefit from reduced inflation, since even if all tokens are staked at a given point in time, the network will inevitably produce 7% more tokens annually. This ATOM emission is being addressed by changing the minimum inflation parameter and setting it to zero.

Why the spot bitcoin ETF will be approved

  • Approval was decided months ago

Spot bitcoin ETF approvals are a done deal, the only question is how the market will react. The co-founder of crypto manager Valkyrie Steven McClurg today said the SEC will approve the ETF sometime after the market closes on Wednesday with trading beginning on Thursday. They have a pending approval for a spot bitcoin ETF with the ticker BRRR.

Former White House spokesman and crypto investor Anthony Scaramucci is also out saying the same thing.

If sources aren’t your thing, then consider what Bloomberg ETF reporter Eric Balchunas is arguing:

The idea that [SEC Chairman Gary Gensler] would make his Staff work countless hours with 11(!) dif issuers on two dozen massive documents each well over 100 pages long full of technical jargon through the holidays just to give him cover to deny is tin foil hat stuff in my opinion.

All this wrangling over filings is a dead giveaway that it was a done deal a long time ago. 

SEC Gensler’s Last Stand on crypto Investments amidst Bitcoin ETF approval expectations

  • Gensler warns of exceptionally risky crypto investments and companies not following the law

Amidst the fevered expectations of imminent approval for spot Bitcoin ETF’s Securities and Exchange Commission Chair Gary Gensler was posting on Twitter Monday urging caution:

  • said crypto investments may be ‘exceptionally risky’
  • warned that companies offering crypto investments may not be following the law

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