Chairman of the SEC Gary Gensler is not hiring 87,000 new SEC agents who will form the backbone of the SEC and “carry a firearm and be willing to use deadly force, if necessary.”
No, that’s the Internal Revenue Service (IRS) but the SEC is starting to trend in that direction in regard to how it views the crypto industry.
We aren’t at the point of the SEC raiding crypto exchanges. That stuff only happens in places like Palm Beach, Florida.
Gensler’s recent message to crypto has essentially been to get with the program or face a tortuous existence.
His defiant message appears to be falling on deaf ears as the crypto industry has felt they should be entitled to a new set of lenient rules than conventional assets.
I can tell you this has worked out quite poorly for crypto companies who have willfully placed a bullseye squarely on their forehead.
In a recent speech, Gensler criticized the crypto industry, telling an audience of lawyers that the “vast majority” of the nearly 10,000 existing crypto tokens are securities, being issued to the public in violation of federal laws.
He argued that through statements and dozens of enforcement actions, the SEC has made clear how existing law applies to the industry and that no such rules are forthcoming.
Gensler said investors deserve disclosure to help them sort between investments that they think will either flourish or flounder.
The SEC has been adding to its enforcement staff dedicated to protecting investors in the crypto market, announcing in May that it was adding 20 new positions in the newly named Crypto Assets and Cyber Unit, nearly doubling its size.
Crypto infrastructure companies have knowingly avoided the law and SEC as securities exchanges and broker-dealers by failing to properly register while continuing business as usual.
They also believe the products sold aren’t “securities” in the way that the SEC believes they are.
In their world, tokens are like gaming chips or collector’s cards.
We have a word for what they are doing in the English language – illegal.
Coinbase Global Inc. (COIN), the largest publicly traded crypto exchange, said in its most recent quarterly report that the company is under investigation by the SEC, and has received a list of questions about how it chooses which digital assets to list and how it classifies them.
The SEC brought charges in July against a former Coinbase product manager for insider trading, identifying nine tokens it alleges are securities, which were listed on the exchange. Coinbase has said that it disagrees with the SEC’s classification.
In February, the crypto lending platform BlockFI agreed to pay a $100 million for failing to register with the agency.
Gensler said that the SEC will have to come up with new procedures for registering crypto exchanges because they also offer custodial and broker-dealer services, unlike typical stock market exchanges.
I understand that some of these crypto exchanges are a little different from what some of the retail stock exchange platforms are selling, but skirting the law now just means the penalties will be even harsher down the road.
This is not the era of Facebook when the internet police had no idea what was going on with them.
It took decades for sentiment to shift against big tech.
However, from inception, crypto has been unable to shake the stereotype of being a fly-by-night operation and large swaths of it sure appear to be sketchy and they are policed as such.
The brand damage is immense causing the incremental investor to abstain from crypto and the regulators to clamp down even further on crypto companies and products.
We are seeing this in real-time.
The regulation is a footnote on a bull run on the way up, but now crypto has shot itself in the foot and is having a hard time convincing new investors into the asset class precisely because of a loss of trust.
https://www.madhedgefundtrader.com/wp-content/uploads/2022/09/bitcoin.png6811430Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2022-09-15 15:02:152022-09-15 16:46:09Picking A Fight With Gary
The proof is in the pudding, and this is yet more evidence that it’s impossible to extinguish a forest fire with a bottle of water.
That’s the analogy I would like to trot out as another white-hot inflation number pierces the hearts of team transitory.
Inflation staying at 8.3% year over year is highly negative for the price of Bitcoin, cryptos, and risk assets in general.
Crypto was supposed to be the savior of inflation, but at the time of this writing, the price of Bitcoin (BTC) is down 6% this morning and underperforming the broader Nasdaq market by two times.
Everyone knew that inflation would still come in high, but the 8.3% is highly disappointing as the inflation naysayers had already started to spread the deflation narrative or that inflation has “peaked.”
We are currently stuck in a vicious feedback loop where elevated inflation cannot be contained with the current Central Bank policies.
A low Fed Funds rate of 2.5% cannot crack inflation over 8% and it’s killing the price of crypto and literally destroying the digital coin industry.
At these accommodative rates, the job market is holding up quite well which is what the Fed doesn’t want. Job seekers who lately have gotten cut from technology firms are reappearing with higher paying jobs and better benefits in different parts of the economy.
There is no hope for Bitcoin until the US Central Bank finally tames inflation.
The consumer price index (CPI) rose 8.3% in August from a year earlier, a mild slowdown from the 8.5% reported for July.
Gas prices came down, but other sectors offset those price decreases and caused overall inflation to remain elevated. Health insurance, for example, rose a blistering 24.3% year-over-year, the largest increase ever.
Food at home and rent prices were also one of the main drivers this month, up 13.5% and 15.8%, and services inflation rose above 6%.
The result of all this is that a Bitcoin reversal will be delayed as crypto investors wait for inflation to decrease.
I can’t imagine Bitcoin getting over the $25,000 per coin hump until there is more progress on the inflation front.
This is also negative for crypto infrastructure that is holding on for dear life until the next bull market comes.
Anything bullish in crypto has been effectively pushed back.
The inflation report means that US consumers will deal with a cost-of-living crisis longer than expected which will supersede any crisis in terms of what currency they want to store wealth in.
The larger risk is that the US Central Bank risks losing control of inflation completely as the negative feedback loop can accelerate to the downside which might force the Fed to raise rates to unprecedented levels.
It sure appears that this is morphing into a whack-a-mole phenomenon.
It’s clear that the Fed is being way too generous to equity holders by casually increasing rates at a pedestrian pace. If they lose control of inflation, Bitcoin could go to $10,000 per coin.
The fact is that the US Federal government is the biggest beneficiary of low-interest debt which is now about to touch $31 trillion.
The Fed is doing everything it can to not raise rates more than is needed because it makes servicing the debt and those interest payments too onerous.
The Fed will need to raise rates to keep the Federal government solvent if the risk of hyperinflation increases.
Ultimately, this new inflation report means that inflation will persist longer than expected which will cause the Fed to raise short-term rates faster and higher than expected.
Today was a sucker punch to Bitcoin – the digital is down and out for the time being.
Granted that crypto advertisement has no direct correlation with the price of Bitcoin, the amount of crypto advertisements is indicative of the ongoing health of the crypto industry.
In broad terms, when crypto prices are rising, the ad budgets of crypto companies swell.
The reverse is true in a down market.
It’s no surprise that November 2021 marked the high-water mark for crypto advertising spend as crypto.com signed a breakthrough deal for the naming rights to the home arena of the Los Angeles Lakers and ice hockey team LA Kings and called the venue Crypto.com Arena.
My sources told me the deal was a 20-year contract worth $700 million.
The price of Bitcoin has tumbled since then and the first shoe to drop were the numerous job cuts of reputable crypto companies like Coinbase.
The number of crypto exchanges that went bankrupt also has frightened investors as it highlights the unsecured and uninsured nature of digital investments on these platforms.
Individual accounts usually don’t receive their funds back if the exchange they use goes bankrupt, because these accounts aren’t insured.
As the textbook crypto investor has been busy getting impoverished, crypto companies have pulled back investment, wage, and advertisement spend signaling that the industry is in a “crypto winter.”
No industry is at its peak during a bout of extreme scarcity mentality.
This violent pullback of investment has hurt the image of the crypto industry while strengthening the case that fiat money still has validity.
I say that even as the President of Russia Vladimir Putin said yesterday that the U.S. Dollar and European-based Euro have “lost their credibility as a basis of international settlement.”
That’s not necessarily true.
Yet, this does signal that things are about to get wild in the currency markets and the sad fact that interest in digital currencies has, at least for the moment, been put on the back burner as we duck and weave from crisis to crisis.
Unfortunately, the incremental investor still isn’t willing to jump into crypto headfirst and the price of Bitcoin reflects this sentiment.
Just last week, we then got news of the same Crypto.com reportedly pulling out of a five-year sponsorship deal with the UEFA Champions League.
This UEFA Champions League competition is the most prestigious non-World Cup soccer tournament in the world and dominates global eyeballs.
The deal would have been worth just over $100 million annually.
Valued at just over $100 million per year, the contract had been under discussion but never signed, according to my sources.
The move follows the exchange's official approval as an official FIFA World Cup sponsor in March and several other audacious marketing plays in the world of sport.
Several other sports marketing opportunities have also been permanently shelved underscoring how lean times are in the world of digital currencies.
The price of Bitcoin has participated in the price action to the downside while missing out on much of the upside.
There simply is a lack of trust in this speculative asset class as hyperinflationary times have forced people to migrate into hard assets like food, energy, and housing.
https://www.madhedgefundtrader.com/wp-content/uploads/2022/09/crypto-feb-2022.png6501400Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2022-09-08 15:02:532022-09-08 16:09:46Crypto Arena Was The Peak
It’s important to keep close tabs on what’s happening overseas in crypto regulation as it increasingly matters.
Some or perhaps all of these sovereign nations’ experiments could be adopted in the United States.
The United States continues to be the flagbearer in terms of crypto as our openness to new technologies, overflow of employee talent, and zealous acceptance of financial alternatives attract the incremental crypto industrialist.
Just this very last week, another domino dropped in the crypto world, when in the heat of summer in the Middle East, the Taliban regime in Afghanistan arrested several dealers of cryptocurrency tokens who resisted instructions to halt selling digital assets after the country’s central bank this month placed a national ban on crypto.
As a free market entrepreneur, this makes my blood boil.
Also, I am not saying that Afghanistan is the center of the crypto world — hardly so. However, they are a financially closed system in which fiat doesn’t work where the use case for alternative assets is strong.
The local authorities didn’t turn a blind eye to what was happening in local private finance, and they weren’t going to let citizens get away with the non-regulation of money in Afghanistan.
Afghans had begun to store their personal wealth in cryptocurrency in order to protect it from the reach of the Taliban, and in doing so, the Taliban has caught on and followed the money and now is delivering a lethal blow to the Afghan crypto infrastructure.
Without crypto exchanges, it becomes a lot harder to maintain hot wallets even if there remain options of maintaining a cold wallet that is offline.
The central bank gave Afghans an order to stop all money changers, individuals, and businesspeople from trading digital currencies.
Thirteen people were detained, although the majority of them were later freed on bail, and more than twenty enterprises linked to cryptocurrencies were also closed down in the city of Herat, Afghanistan’s third-largest city and a center for dealing in digital tokens.
Since the nation is cut off from the global financial system because of the sanctions imposed on the group, the use of cryptocurrency as a means of transferring money into and out of the country has grown more common.
In the aftermath of a market crisis that wiped away almost $2 trillion of value and forced numerous high-profile enterprises into bankruptcy, governments ranging from South Korea to the United States are strengthening crypto regulations.
As much as it’s great to be an idealist and believe that every banana republic with a closed financial system will automatically opt for crypto, there is also the chance that powers at the top might shut it out full stop.
Why?
Control.
Many of the recent geopolitical events might or might not make sense but the underlying denominator tying them together is always about control and the unadulterated totality of it.
A sovereign nation banning crypto is an unequivocal minus for the asset class, and naturally the larger the GDP, the worse it is for crypto.
Shrinking the pie means less can feed from it.
This also sets the precedent, like in China, to blacklist crypto.
As long as the U.S. regulates but doesn’t ban crypto, the asset class is safe and won’t go to zero.
However, this is just another sign that it can be incredibly high-risk dabbling in this speculative currency which is why I do not recommend a reader to invest more than 3% of their net worth into digital currencies.
As we consolidate around the $20,000 mark for Bitcoin, the currency needs all the horses in the stable moving forward.
In the short term, I don’t see Bitcoin moving past a short-term ceiling of $25,000 per coin.
https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png00Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2022-09-06 13:02:522022-09-06 15:57:59Another One Bites the Dust
(MARKET OUTLOOK FOR THE WEEK AHEAD, or WELCOME TO THE ROLLING RECESSION),
(AAPL), (NVDA), (TSLA), (USO), (BTC), (MSFT), (CRM), (V), (BA), (MSFT), (CRM), (DIS)
The airline business is booming but homebuilders are in utter despair. Hotel rooms are seeing extortionate 56% YOY price increases, while residential real estate brokers are falling flat on their faces. It’s a recession that’s here, there, and nowhere.
Welcome to the rolling recession.
If you are lucky enough to work in a handful of in-demand industries, times have never been better. If you aren’t, then it’s Armageddon.
Look at single industries one at a time, as the media tends to do, business conditions are the worst since the Great Depression and pessimism is rampant. Look at Tesla, where there is a one-year wait to get a Model X, and there is either a modest recession on the menu, or simply slowing growth at worst.
Notice that a lot of commentators are using the word “normally”. News Flash: nothing has been normal with this economy for three years.
Which leaves us with dueling yearend forecasts for the S&P 500. It will either be at 3,900, where it is now, or 4,800. A market that is unchanged, worst case, and up 20% best case sounds like a pretty good bet to me. The prospects for individual stocks, like Tesla (TSLA), Microsoft (MSFT), or NVIDIA (NVDA) are even better, with a chance of 20% of downside or 200% of upside.
I’ll sit back and wait for the market to tell me what to do. In the meantime, I am very happy to be up 60% on the year and 90% in cash.
An interesting thing is happening to big-cap tech stocks these days. They are starting to command bigger premiums both in the main market and in other technology stocks as well.
That is because investors are willing to pay up for the “safest” stocks. In effect, they have become the new investment insurance policy. Look no further than Apple (AAPL) which, after a modest 14% decline earlier this year, managed a heroic 30% gain. Steve Jobs’ creation now boasts a hefty 28X earnings multiple. Remember when it was only 9X?
Remember, the stock sells off on major iPhone general launches like we are getting this week, so I’d be careful that my “insurance policy” doesn’t come back and bite me in the ass.
Nonfarm Payroll Report Drops to 315,000 in August, a big decline, and the Headline Unemployment Rate jumps to 3.7%. The Labor Force Participation Rate increased to 62.4%. The “discouraged worker” U-6 unemployment rate jumped to 7.0%. Manufacturing gained 22,000. Stocks loved it, but it makes a 75-basis point in September a sure thing.
Jeremy Grantham Says the Stock Super Bubble Has Yet to Burst, for the seventh consecutive year. If I listened to him, I’d be driving an Uber cab by now, commuting between side jobs at Mcdonald's and Taco Bell. Grantham sees stocks, bonds, commodities, real estate, precious metals, crypto, and collectible Beanie Babies as all overvalued. Even a broken clock is right twice a day unless you’re in the Marine Corps, which uses 24-hour clocks.
Where are the Biggest Buyers on the Dip? Microsoft (MSFT), Salesforce (CRM), and Disney (DIS), followed by Visa (V), and Boeing (BA). Analysts see 20% of upside for (MSFT), 32% for (CRM), and 21% for (DIS). Sure, some of these have already seen big moves. But the smart money is buying Cadillacs at Volkswagen prices, which I have been advocating all year. Take the Powell-induced meltdown as a gift.
The Money Supply is Collapsing, down for four consecutive months. M2 is now only up less than 1% YOY. This usually presages a sharp decline in the inflation rate. With a doubling up of Quantitative Tightening this month, we could get a real shocker of a falling inflation rate on September 13. Online job offers are fading fast and used cars have suddenly become available. This could put in this year’s final bottom for stocks.
California Heads for a Heat Emergency This Weekend, with temperatures of 115 expected. Owners are urged to fully charge their electric cars in advance and thermostats have been moved up to 78 as the electric power grid faces an onslaught of air conditioning demand. The Golden State’s sole remaining Diablo Canyon nuclear power plant has seen its life extended five years to 2030. This time, the state has a new million more storage batteries to help.
Oil (USO) Dives to New 2022 Low on spreading China lockdowns. Take the world’s largest consumer offline and it has a big impact. More lows to come.
NVIDIA (NVDA) Guides Down in the face of new US export restrictions to China. The move will cost them $400 million in revenue. These are on the company’s highest-end A100 and H100 chips which China can’t copy. (AMD) received a similar ban. It seems that China was using them for military AI purposes. The shares took a 9% dive on the news. Cathie Wood’s Ark (ARKK) Funds dove in and bought the lows.
Weekly Jobless Claims Plunge to 232,000, down from 250,000 the previous week for the third consecutive week. No recession in these numbers.
First Solar (FSLR) Increases Output by 70%, thanks to a major tax subsidy push from the Biden Climate Bill. The stock is now up 116% in six weeks. We have been following this company for a decade and regularly fly over its gigantic Nevada solar array. Buy (FSLR) on dips.
Home Prices Retreat in June to an 18% YOY gain, according to the Case Shiller National Home Price Index. That’s down from a 19.9% rate in May. Tampa (35%), Miami (33%), and Dallas (28.2%) showed the biggest gains. Blame the usual suspects.
Tesla (TSLA) Needs $400 Billion to expand its vehicle output to Musk’s 20 million units a year target. One problem: there is currently not enough commodity production in the world to do this. That sets up a bright future for every commodity play out there, except oil.
Bitcoin (BTC) is Headed Back to Cost, after breaking $20,000 on Friday. With the higher cost of electricity and mining bans, spreading the cost of making a new Bitcoin is now above $17,000. It doesn’t help that much of the new crypto infrastructure is falling to pieces.
My Ten-Year View
When we come out the other side of pandemic and the recession, we will be perfectly poised to launch into my new American Golden Age, or the next Roaring Twenties. With oil prices and inflation now rapidly declining, and technology hyper-accelerating, there will be no reason not to. The Dow Average will rise by 800% to 240,000 or more in the coming decade. The America coming out the other side will be far more efficient and profitable than the old. Dow 240,000 here we come!
With a very troublesome flip-flopping market, my August performance still posted a decent +5.13%.
My 2022 year-to-date performance ballooned to +59.96%, a new high. The Dow Average is down -13.20% so far in 2022. It is the greatest outperformance on an index since Mad Hedge Fund Trader started 14 years ago. My trailing one-year return maintains a sky-high +71.90%.
That brings my 14-year total return to +572.52%, some 2.60 times the S&P 500 (SPX) over the same period and a new all-time high. My average annualized return has ratcheted up to +44.90%, easily the highest in the industry.
We need to keep an eye on the number of US Coronavirus cases at 94.7 million, up 300,000 in a week and deaths topping 1,047,000 and have only increased by 2,000 in the past week. You can find the data here.
On Monday, September 5 markets are closed for Labor Day.
On Tuesday, September 6 at 7:00 AM, the ISM Non-Manufacturing PMI for August is out.
On Wednesday, September 7 at 11:00 AM, the Fed Beige Book for July is published.
On Thursday, September 8 at 8:30 AM, Weekly Jobless Claims are announced. On Friday, September 9 at 2:00 the Baker Hughes Oil Rig Count is out.
As for me, the first thing I did when I received a big performance bonus from Morgan Stanley in London in 1988 was to run out and buy my own airplane.
By the early 1980s, I’d been flying for over a decade. But it was always in someone else’s plane: a friend’s, the government’s, a rental. And heaven help you if you broke it!
I researched the market endlessly, as I do with everything, and concluded that what I really needed was a six-passenger Cessna 340 pressurized twin turbo parked in Santa Barbara, CA. After all, the British pound had just enjoyed a surge again the US dollar so American planes were a bargain. It had a range of 1,448 miles and therefore was perfect for flying around Europe.
The sensible thing to do would have been to hire a professional ferry company to fly it across the pond. But what’s the fun in that? So, I decided to do it myself with a copilot I knew to keep me company. Even more challenging was that I only had three days to make the trip, as I had to be at my trading desk at Morgan Stanley on Monday morning.
The trip proved eventful from the first night. I was asleep in the back seat over Grand Junction, CO when I was suddenly awoken by the plane veering sharply left. My co-pilot had fallen asleep, running the port wing tanks dry and shutting down the engine. He used the emergency boost pump to get it restarted. I spent the rest of the night in the co-pilot’s seat trading airplane stories.
The stops at Kansas City, MO, Koshokton, OH, Bangor, ME proved uneventful. Then we refueled at Goose Bay, Labrador in Canada, held our breath and took off for our first Atlantic leg.
Flying the Atlantic in 1988 is not the same as it is today. There were no navigational aids and GPS was still top secret. There were only a handful of landing strips left over from the WWII summer ferry route, and Greenland was still littered with Mustang’s, B-17’s, B24’s, and DC-3’s. Many of these planes were later salvaged when they became immensely valuable. The weather was notorious. And a compass was useless, as we flew so close to the magnetic North Pole the needle would spin in circles.
But we did have NORAD, or America’s early warning system against a Russian missile attack.
The practice back then was to call a secret base somewhere in Northern Greenland called “Sob Story.” Why it was called that I can only guess, but I think it has something to do with a shortage of women. An Air Force technician would mark your position on the radar. Then you called him again two hours later and he gave you the heading you needed to get to Iceland. At no time did he tell you where HE was.
It was a pretty sketchy system, but it usually worked.
To keep from falling asleep, the solo pilots ferrying aircraft all chatted on frequency 123.45 MHz. Suddenly, we heard a mayday call. A female pilot had taken the backseat out of a Cessna 152 and put in a fuel bladder to make the transatlantic range. The problem was that the pump from the bladder to the main fuel tank didn’t work. With eight pilots chipping in ideas, she finally fixed it. But it was a hair-raising hour. There is no air-sea rescue in the Arctic Ocean.
I decided to play it safe and pick up extra fuel in Godthab, Greenland. Godthab has your worst nightmare of an approach, called a DME Arc. You fly a specific radial from the landing strip, keeping your distance constant. Then at an exact angle you turn sharply right and begin a descent. If you go one degree further, you crash into a 5,000-foot cliff. Needless to say, this place is fogged 365 days a year.
I executed the arc perfectly, keeping a threatening mountain on my left while landing. The clouds mercifully parted at 1,000 feet and I landed. When I climbed out of the plane to clear Danish customs (yes, it’s theirs), I noticed a metallic scraping sound. The runway was covered with aircraft parts. I looked around and there were at least a dozen crashed airplanes along the runway. I realized then that the weather here was so dire that pilots would rather crash their planes than attempt a second go.
When I took off from Godthab, I was low enough to see the many things that Greenland is famous for polar bears, walruses, and natives paddling in deerskin kayaks. It was all fascinating.
I called into Sob Story a second time for my heading, did some rapid calculations, and thought “damn”. We didn’t have enough fuel to make it to Iceland. The wind had shifted from a 70 MPH tailwind to a 70 MPH headwind, not unusual in Greenland. I slowed down the plane and configured it for maximum range.
I put out my own mayday call saying we might have to ditch, and Reykjavik Control said they would send out an orange bedecked Westland Super Lynch rescue helicopter to follow me in. I spotted it 50 miles out. I completed a five-hour flight and had 15 minutes of fuel left, kissing the ground after landing.
I went over to Air Sea rescue to thank them for a job well done and asked them what the survival rate for ditching in the North Atlantic was. They replied that even with a bright orange survival suit on, which I had, it was only about half.
Prestwick, Scotland was uneventful, just rain as usual. The hilarious thing about flying the full length of England was that when I reported my position in, the accents changed every 20 miles. I put the plane down at my home base of Leavesden and parked the Cessna next to a Mustang owned by a rock star.
I asked my pilot if ferrying planes across the Atlantic was also so exciting. He dryly answered “Yes.” He told me that in a normal year, about 10% of the planes go missing.
I raced home, changed clothes, and strode into Morgan Stanley’s office in my pin-stripped suit right on time. I didn’t say a word about what I just accomplished.
The word slowly leaked out and at lunch, the team gathered around to congratulate me and listen to some war stories.
Stay healthy,
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
https://www.madhedgefundtrader.com/wp-content/uploads/2022/09/john-thomas-family-london-scaled.jpg16992560Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2022-09-06 11:02:332022-09-06 11:19:19The Market Outlook for the Week Ahead, or Welcome to the Rolling Recession
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