WEEK OF NOVEMBER 27, 2023
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What’s Moving The Markets?
OpenAI Rehires Sam Altman
Sam Altman is set to reclaim the CEO position at OpenAI after navigating through a tumultuous period marked by a boardroom coup, with a restructured board that includes notable figures like Bret Taylor, Larry Summers, and Adam D’Angelo.
Warning Against AI
Before Sam Altman’s brief exile from OpenAI, staff researchers wrote a letter to the board, cautioning about a potentially dangerous AI discovery, leading to his ouster; upon his return, over 700 employees had threatened to quit in solidarity, prompting concerns of a mass departure to join Microsoft.
Nvidia Expecting Sales Downturn
Nvidia anticipates a significant decline in fourth-quarter sales in China due to new U.S. regulations, impacting nearly a quarter of its datacenter sales, but the chip designer remains optimistic about overall revenue exceeding Wall Street expectations as supply-chain challenges ease.
Binance In Hot Water
Binance has agreed to a $4.3 billion settlement with the U.S. Government, concluding a multi-year investigation, and its CEO Changpeng Zhao (CZ) is resigning amidst ongoing scrutiny, marking a significant shift for the cryptocurrency exchange.
IMF Pushes For CBDC
The head of the International Monetary Fund (IMF) is encouraging countries to take a more proactive approach in developing central bank digital currencies (CBDCs), noting that 11 countries, including several in the Caribbean and Nigeria, have already launched CBDCs, while approximately 120 others are exploring various approaches, prompting the need for clearer public sector guidance.
Kraken vs SEC
Kraken, a major cryptocurrency exchange, is facing a lawsuit from the SEC, alleging illegal operation as a securities exchange without proper registration, as SEC Chair Gary Gensler seeks to assert regulatory authority over cryptocurrencies by arguing that digital assets fall under federal securities laws.
Bear Case: Currently, there’s limited supply above until approximately 4613.25, a significant level of supply established between July and August. This level coincides with a daily trend line that bears are likely to defend. If they succeed in defending this level, we can expect limited support below, particularly around the psychological marks of 4500 and 4425.75.
Bull Case: The bulls have shown resilience by continuing to buy the dip after the 4430 pivot was breached. Should the price retrace, the 4500 mark, a key psychological level, could serve as support. Below this, the next significant area of demand isn’t until 4425.75. On the higher side, for a bullish momentum to sustain, it’s crucial for bulls to break and consistently hold above 4613, a zone marked by heavy supply.
EARNINGS RELEASE CALENDAR
FOR WEEK OF NOVEMBER 27TH
Expert Insights & Predictions
Importance of Journaling Your Trades
So here’s an example of a Trading Journal (Via Excel) that has worked for me in the past to eliminate mistakes. The more you write in the Notes column the better for later analysis. The more you automate the easier trading is.
Broker – Don’t need it if you only use 1 broker to trade. B Com – Don’t need if you have 0 commission/ fees, just nice to have just in case. B – Buy S – Sell. I have 3 separate possible buy & sell areas. You can add or delete as you need.
BAvg – Literally just the average between the 3 possible buys, same w/ SAvg. Month – When I am analyzing/ Pivot Tables, etc. I use this to see my MTM progress. Notes – Like mentioned earlier, probably the most important column. Below for more on this.
Notes – MOST IMPORTANT! use it as a diary/write down how you feel when you buy, when you sell, what the weather is like, if you’re at work & having a bad day mention that. Anything you post here will help you in the longer run I PROMISE YOU THAT! — @Mitch___Picks