WEEK OF JULY 10, 2023
Welcome to the Traderverse Weekly Newsletter!
What’s Moving The Markets?
Oil Giants Bet On Increasing Demand
Oil and gas companies are strategically reinvesting a portion of their unprecedented profits from the past two quarters in order to ramp up their search for new reserves, making a significant long-term investment in anticipation of growing demand.
AI Outperforms Humans in Creativity Test
Chat GPT-4 was found to match the top 1% of human thinkers on a standard creativity test, excelling in fluency and originality in the Torrance Tests of Creative Thinking, a widely recognized tool for assessing creativity. This breakthrough finding indicates that AI may be developing creative ability on par with or even surpassing human capabilities.
Meta’s “Twitter Killer”
Meta Platforms launched a direct competitor to Twitter called “Threads”, garnering millions of users in hours. Twitter has threatened to sue Meta Platforms over its new Threads platform in a letter sent to the Facebook parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro.
Biden officials must limit contact with social media firms
A US federal judge has limited the Biden administration’s communications with social media companies which are aimed at moderating their content. The ruling states that platforms should “make independent choices about the information they present”.
New Twitter Restrictions
Elon Musk announced that Twitter would limit how many tweets per day various accounts can read, to discourage “extreme levels” of data scraping. This move could undermine efforts by new CEO Linda Yaccarino to attract advertisers.
Bitcoin Mining Stocks Outperformed Bitcoin In H12023
Bitcoin mining stock prices outperformed bitcoin prices in H1 2023. Performance of the top nine public bitcoin mining firms, based on market capitalization, reveals that their average year-to-date stock prices are up by over 250% in 2023 compared to bitcoin’s ~80% gain.
Bull Case: Price testing demand that was noted last week at 4427. Bulls will want to hold this demand to eventually break above 4498 pivot. If price manages to break above, not much supply until 4570.25 (Daily) and 4597.25, both untested, which could act as possible resistance.
Bear Case: Bears will want to continue defending pivot at 4498 but will ultimately need to break below 4368 to begin creating lower lows. If price continues to trade above 4498, an untested Daily supply sits at 4570.25 and a 690 minute supply at 4597.25 which could act as strong resistance.
EARNINGS RELEASE CALENDAR
FOR WEEK OF JULY 10th
Expert Insights & Predictions
Hi everyone! It’s The Blonde Broker here, ready to give you this week’s Market Insights. Depending on the market sentiment, here are some trades I’m looking at:
I will be watching $SPY for a potential double top formation. We might see a bear gap closure and possibly a rejection if we break below $437 and could see a retest of $430-$431.
We also have CPI data coming out this week so we should be weary of high volatility in the coming days.I will be keeping an eye out for $AAPL, $AMZN, $NVDA, $TSLA, $META (who is facing a potential lawsuit from Elon Musk after the new twitter clone “Threads”, $MSFT, & $GOOGL.
$GOOGL- I am a little more bearish here, If it breaks below $118.50, the 50 SMA can push the price up to $1116. OR the 50 SMA can act as a support and break above $122 taking the price to $126 for the bullish case.
$UPST- Feeling a little bearish here. It looks like we have a potential double top forming at a higher high but at lower volume. We also see bearish signals from the MACD and RSI.
I would love to get lucky this week like Nancy and Paul Pelosi who made significant profits, with $AAPL increasing about 6% and $MSFT around 4%, since their call options exercises on these stocks last month. — @theblondebroker