Inflation

[qldfrog]

ETH and BTC down double digits... What's going on....

US market in sudden free fall after smooth rising day..crypto are more dynamic and do not stop tradibg in 30 minutes (end of wall street session)

 

[qldfrog]

US market in sudden free fall after smooth rising day..crypto are more dynamic and do not stop tradibg in 30 minutes (end of wall street session)

 

[waterbottle]

Crypto is the risk canary IMO.

Looks like one of the exchanges is insolvent

 

[qldfrog]

Crypto is the risk canary IMO.

Looks like one of the exchanges is insolvent

And now market jumping up again....humm.

 

[waterbottle]

Looks like FTX was bankrolling Robinhood, which is currently down 19% in after hours trading. Let's see what comes of this. This is the second crypto blow-up this year...

 

[waterbottle]

Wow crypto resuming declines.... BTC bouncing off 17k.lowest it's been all year....

 

[greggles]

Wow crypto resuming declines.... BTC bouncing off 17k.lowest it's been all year....

I feel like the fit is about to hit the shan with crypto. I sense a huge loss of confidence in the sector and we may see a race towards the exit as panic sets in. Will we see Bitcoin below US$10,000 before the end of 2022? Quite possibly. Interesting times.

 

[Dona Ferentes]

From Ambrose Evans-Pritchard

China is slipping back into deflation. Factory gate prices rolled over in the spring and have been falling in absolute terms for the last three months. Annual core inflation has dropped to 0.6 per cent.

The workshop of the world will again be exporting goods disinflation to Europe and America within months, undercutting Western industries on a large scale. This is likely to deepen the industrial and manufacturing downturn in the West and has powerful implications for interest rates and the trajectory of inflation...

 

[Dona Ferentes]

Looks like one of the exchanges is insolvent

even this morning, the news was:

The rout in crypto markets is showing no signs of abating after the founder of FTX crypto exchange Sam Bankman-Fried conceded it had liquidity problems amid a flood of withdrawals. As a result Binance has agreed to acquire the world’s largest crypto exchange on unknown terms.

= run for the hills

 

[waterbottle]

Word on Reddit is that coinbase may not bail out FTX. Meanwhile this crap keeps coming out, raising concerns of contagion

Canada's third-largest pension fund invested in FTX at $32B valuation

The Ontario Teachers' Pension Plan invested in FTX in January this year as part of a $400 million funding round.

cryptoslate.com

 

[over9k]

CPI data in, it's good, everything soaring!

 

[over9k]

Last time we had a cpi expectations beat we didn't get another one follow it and things instead just melted as soon as the next batch of data was a miss. Worth keeping that in mind.

 

[Knobby22]

CPI data in, it's good, everything soaring!

7.7%, expected 7.9%. Down from 8.2% previous month. Strong result.

 

[over9k]

7.7%, expected 7.9%. Down from 8.2% previous month. Strong result.

Yep, markets have moved the most since the first coronavirus vaccine was announced.

Though we did have a CPI beat a few months back and didn't get any more follow, so I'm kind of surprised that markets have moved this much tbh. Something tells me we're going to see a friday selloff tomorrow.

 

[UMike]

And hasn't the NASDAQ rallied!!!!!

 

[waterbottle]

Insane moves

 

[qldfrog]

Insane moves

Cpi just bad, not very bad so 5% move up and the world is pink lollies and unicorns WTF.
Will probably cost me overall as i still have some bboz and bbus
As for crypto, all good now...really?

 

[waterbottle]

Mate CPI is looking excellent.
7.7% was last month's CPI.
Oil remains low.
Food low.
Shelter will come down given mortgage apps are down and interest rates are high.
Best of all, job cut announcements are being announced more frequently and by big tech, so the employment market will take a hit too.
All is proceeding to plan.
Faith has been restored, St. Powell forgive me for I have sinned.

6% moves last seen at the COVID bottom.... This is huge

 

[Dona Ferentes]

Annual inflation in the United States slowed to 7.7 per cent in October, the lowest since January.

The October increase marks the first time the consumer price index has risen at an annual rate of less than 8 per cent since February. Annual CPI peaked at 9.1 per cent in June.

And the US 10-year note is below 4% for the first time in a while ... it dropped 26 basis points to 3.83 per cent

All this provides the Federal Reserve some room to ease the pace of interest rate rises, it is argued by some. Hence a pop today (2% for ASX, with NASDAQ up 6% overnight)

Hope Springs Eternal ( not my golf tournament of choice)

 

[moXJO]

Couple of things
Midterms over split government = rally
Then CPI data looks good= rally
Companies still have strong sheets = justify stupid fomo

So here we (should) go.
I suspect one last good rally anyway.