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It was a disastrous day in the markets with a sea of red across the board, what happened?
Let's find out.
Today's Letter
Market Update
Trending Cryptos
Top Meme Stocks
Market Update
The Fed is out tools. Rising rates and inflation are causing an earthquake in the equities markets and there is nothing they can do to stop what we've been seeing for most of 2022. We are on the very brink of recession with companies already executing layoffs. Cameo was another startup that has just become victim of the current economic environment.
After a meteoric reversal from yesterday's open in the red to closing +3% for the day. The Nasdaq just saw it's worst performing day since June 11, 2020. How bad was it?
The theme of the day was the color red and the market made sure it just got worse as the day went on. Here's the market heat-map as of today's close.
This is a tough situation for most investors. Personally, I find many names to be entering levels where I'd like to pick up some shares. Something, something, buy when there's blood in the streets. This usually works, until it doesn't, and then you start catching knives.
Having said that, if your timeframe is long enough find companies you think will make it through the next 2-3 years of credit tightening and invest in them. The potential for massively compounding gains over a 5-year timeframe has increased by a good amount.
In other news, Elon Musk's bid for Twitter has attracted some big investors. I found this tweet that summarizes who has made an equity commitment.
We've got Larry Ellison dropping a 1 billion dollar investment like it's Sunday brunch. Unreal stuff to see.
Now, a message from today's sponsor, LEX.
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Trending Cryptos
Bitcoin, Ethereum, and a few other alt-coins making to the top of the crypto list. Cryptos are trading in parallel with the market which means they are also in the decline. So much for being decentralized!
GRIT is going big or going home on the 20% of our “high-risk” portfolio where we know these investments could go to zero…or 10x! Subscribe to our new CRYPTO NEWSLETTER to follow us along this journey and see what we’re buying, why we’re buying it, what we’re paying, and what else is on our radar!
Top Meme Stocks
Take us back to the days when meme-stocks used to go up. Today's list of meme stocks on WallStreetBets looks to be revolving around Amazon and QQQ which have been dragged down along with everything else.
Sentiment is leaning bearish, how much longer can we withstand these kinds of beatings?
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