RF's Financial News

Sunday, April 17, 2022

This Week in Barrons: April 17th, 2022

“This ain’t Business … it’s Personal.”

Q: What’s more personal: an ear-2-ear phone call or a zoom call?

Q: What creates more trust: an in-person meeting or a hand-written letter?

A: It depends. Communication is all about:

- Delivering the right message at the right time,

- Interpreting the data correctly,

- In order to solidify a personal and trustworthy connection.

There’s no universal-remote for communication. Every communication solution is unique and complicated – as it should be.

“This ain’t for everyone…” Some people build their body-of-work on the frontier of impossible, such as: curing cancer, doing breakthrough coding, or writing music that takes your breath away. The scarcity of those doing that work should be enough to tell most of us – that’s not our job. Instead, we get a chance to lead, to connect with others, and to do work that we’re proud of doing. We get to do things that we can describe to others – before we begin. We get to feel confident about things we know are worth doing. And, for the vast majority of us – that will have to be enough.

Inflation is a lose-lose situation: There is no way for the majority of Americans to avoid feeling 15% inflation (the real number). The use of Vladimir Putin as an inflationary scapegoat is comical. It’s absurd to believe that the highest inflation in the last 40 years was caused by actions that are less than 10 weeks old. The real problem is that all of our high inflation fighting tools will only accelerate slowdowns in the economy. The tools are designed to fight lower levels of inflation sooner, but are now: too little – too late. Two suggestions: (1) Ask your boss for a raise, and (2) Move your money into more inflation hedged assets. Recessions cause: significant market pullbacks, devaluations in the dollar, and crypto volatility. Our leadership is faced with a lose-lose situation – where they will always choose the direction that saves-their-jobs.

The Market: What about a Recession…

1. When the world senses a recession coming… commodities skyrocket in price. Unfortunately, when commodities like: oil, gas, wheat, corn, gold, silver, and copper are already high in price and volatility – the most likely scenario is that prices will fall. Fair Warning: ‘I have not seen bullish sentiment in physical commodities like we are seeing today – for almost 20 years.’

2. Fair Warning: The spread between the Consumer Price Index (8.5%) and the 10-Year Note (2.8%) is at an all-time-high. That means that the real yield of owning a 10-Year Note has NEVER been lower. The Producer Price Index (PPI) at over 11% indicates that there are higher CPI numbers on the horizon. Bonds should continue to sell off – raising the 10-Year Note yield. That is NOT good news for riskier assets like stocks and crypto.

3. Former Treasury Secretary Lawrence H. Summers has observed: over the past 75 years, every time inflation exceeded 4% and unemployment was below 5% a recession ensued within 18 months. Also, when 10-Year Rates fall below 2-Year Rates – a recession has occurred 12 months later. Both have occurred.

4. Bank of America cautions about ‘Recession Shock’… aka: “To kill inflation – we may need to FIRST kill stocks and then the economy.”

InfoBits:

- We can no longer count the number of billionaires… because private dollars have become increasingly untraceable – due to offshore accounts, physical commodities, and crypto.

- A new Harvard study found that 1 or 2 ‘office days’… is the sweet spot of hybrid work. It’s one of the only studies to look at actual work outcomes, not just personal preferences.

- U.S. consumer inflation jumped to a 40-year high of 8.5% in March led by:Gasoline + 48%, Used Cars + 35%, Meat/Fish/Eggs + 14%, and Electricity.

- The equation used to calculate CPI was changed in 1978. If we used that original equation today CPI would be at roughly 17% - an all-time-high.

- The producer price index (PPI)… which measures the prices paid by wholesalers, increased over 11% YoY. Stripping out food, energy and trade services, the core PPI rose almost 1% MoM.

- The paradox of recession-omics... the Fed can’t cool the worst inflation in 40 years without also slamming the brakes on growth. Last week Deutsche Bank was the first on Wall Street to predict a recession followed by Bank of America.

- JP Morgan kicked off earnings season… with a 42% drop in profits, and an announcement that it was setting aside $1B as cushion in case of a recession.

- Mortgage rates finally hit 5% for the 1^st time in 10 years. Average monthly mortgage payments are up 38% YoY from $1,200/mo. to $1,700/mo.

- 44% of workers who left a job without having another… have no interest in returning to a traditional job, but rather are taking on very different roles.

- Farm-ageddon… from the pandemic and war to severe weather and historic drought – a rare combo of terrible circumstances has caused food prices to surge 75% since mid-2020 and are continuing to climb.

- Drones are coming… with AMZN and WMT delivering your allergy meds.

- The US IPO market had its slowest first quarter in six years.

- TikTok’s advertisement revenue is likely to triple in 2022… more than its two closest competitors (Twitter and Snapchat) combined.

- WarnerMedia and Discovery completed their $43B merger… creating another Hollywood heavyweight with 94m streaming subscribers – bringing it closer to Disney (130m) and Netflix (222m).

- Robotaxis just started servicing San Francisco… when recently one of them was pulled over by the police for having its lights off at night. Then the car just started up on its own and made a run for it. Can a robotaxi be ‘on-the-lamb’?

- Pepsi shrank Gatorade and Wheat Thins… and Doritos have 5 less chips / bag. It gives the customer the illusion that prices aren’t rising.

- Banks and airlines are using chatbots instead of employees… and restaurants are replacing waitstaff with QR codes.

- VC Distributions are down 90% YoY … What me Worry?

Crypto-Bytes:

- Coinbase is launching an NFT marketplace… that will also support the production of animated short films for The Bored Ape Yacht Club.

- Morgan Stanley said the U.S. could regulate stablecoin issuers like banks.

- MoonPay lets consumers pay for digital assets with credit cards… and has raised $87m from a list of celebrities including: Justin Bieber, Bruce Willis, Paris Hilton, Gwyneth Paltrow, and Matthew McConaughey.

- Ethereum core developer Tim Beiko confirmed… that ETH’s transition to proof-of-stake (PoS) will likely be a few months after the June deadline. The shift will cut Ethereum’s energy costs by 99% and make it easier to scale.

- The Ronin hacker has moved 21,000 ETH ($65m)… to privacy exchange Tornado Cash.

- The Luna Foundation Guard (LFG) has added $100m in BTC… to its UST Reserves, valuing their wallet at more than $2B.

- Amazon CEO Andy Jassy said that… it’s within the realm of possibility that Amazon would sell non-fungible tokens (NFT) in the future.

- 13 National Football League teams… are expected to launch partnerships with fan token platform Socios amid a boom in NFL crypto deals.

- The UK’s Treasury Dept. will soon reveal… its regulatory package on crypto.

- Slovenia has proposed… a 5% flat-rate tax on crypto sales and conversions.

- Crypto is in line to influence elections in… France, South Korea and the U.S.

- 77% of Bitcoin’s supply… is now owned by entities who historically HODL.

- Contracts collateralized with crypto have come down… from 70% to 40% - making it a healthier backdrop and lower likelihood for cascading sales.

- An NFT of Jack Dorsey’s first tweet sold for $2.9m last year… and was re-listed for $48m last week – BUT the highest bid was only $280.

TW3 (That Was - The Week - That Was):

Monday: They woke up a bit grumpy. The NASDAQ is getting waffled for -240 points, the S&P flirting with -50 and the DOW off -145. The DOW and S&P are still above their 50-day moving averages, but the NASDAQ has fallen far below its line. Watch the miners as they started the day well, but pulled back for a pause.

Wednesday: This morning earnings have started, and JPM has authorized a new share buyback of $30B effective May 1. Bonds remain in control of the equity side, and rates continue to skyrocket.

Thursday: The chip shortage is still with us, as wait times for semiconductor delivery grew again in March. Elon Musk has put in a giant offer to buy Twitter, but that’s just: boys being boys. Today the chip and tech sectors is being sold out from under themselves … again!

AMA (Ask Me Anything…) … Will Crypto save me in a Recession?

1. Politically, the U.S. Senate Republican Policy Committee (RPC), has issued a policy paper on crypto titled “Cryptocurrency Goes Mainstream,” signaling the Grand Old Party in Congress is beginning to see crypto as a voting block.

2. Specifically, for Bitcoin (in USD): it has shared an almost perfect correlation with the Nasdaq-100 during the last rolling 30-day period. If that correlation remains, Bitcoin could be heading lower – and that bodes poorly for the broader crypto market. The correlation says that Bitcoin might not be the risk-proof asset it has the reputation of being. With the likes of Janet Yellen and Jamie Dimon changing their tune on crypto, maybe the recognition of blockchain technology as the true-world changer its proponents claim it to be – is right around the corner. Maybe during the recession, Bitcoin will stay strong due to its decentralized nature and lack of sovereign affiliation. A move under $40,000, will likely target a move lower toward $37,000. However, a break above $43,500 will most likely trigger a move toward resistance at $48,300.

3. Specifically, for Ethereum (in USD): the $3,600 level is a ‘must pass zone’. There are two likely scenarios for ETH: (1) Buyers will be looking for a quick drop under $3,000 to buy back for another test towards the $3,600 level and eventually a target of $4,500. (2) Sellers will believe the $3,600 retest was final and conclusive, and they will target a full-on assault towards $1,800 – using the break of $2,500 yearly support as validation.

Next Week: The Coming Volatility Storm…

Market Update: Currently, the bond market is leading the entire marketplace toward a volatility storm. Last week we closed below the SPX and Nasdaq expected moves – as market makers were forced to sell into sell-side activity.

- Interest Rates are out-of-control, and will break the markets. The 10-Year is up 74% since January. The Bond Market is doing the job that our FED refuses to do. One way or another, the Nasdaq will be the market that will be forced to pay for its over-exuberance.

- What’s going to break? When the entire U.S. credit market increases rates by 74% inside of (roughly) 90 days – things will break. The homebuilders and home-related stocks will suffer. Most of the stock buybacks will be curtailed – which will hit technology stocks especially hard. We have not been in a Rising Interest Rate environment since 1998; therefore, welcome to discovery.

- Why is the Volatility Index (VIX) dead when risk is upon us? Because (a) we’ve seen this movie before, and (b) there are sectors (like energy +40%) that are still UP on a year-to-date basis. Currently Bond volatility is exceeding the VIX – which says that our credit markets have yet to impact the overall marketplace. Once the S&Ps move down to 4200, that’s when the VIX will rise-n-shine.

Positioning:

- Tip #1: Sell premium very lightly – because currently you’re not getting paid for your premium risk. Keep your powder dry, and wait for the VIX to rise – then sell more aggressively.

- Tip #2: Sell what is strong, and let correlation do the rest. Look at the XLP and/or the XLU. Buy low priced put spreads – 100 days from now, and once volatility takes hold (as it will) they will come down and you will get paid.

- Tip #3: When the Volatility Storm comes… the marketplace won’t just hit SOME stocks – it will hit them all. And that’s why you buy inexpensive put-spreads in strong sectors – and allow market correlation to do your work for you.

SPX Expected Move (EM)—

- Last Week = $77 (4-Day EM)

- Next Week = $98 (5-Day EM) = put your helmet on.

- If markets are bid-up in the beginning of the week, fade them and especially short sectors like the XLP and XLU.

Tips:

HODL’s: (Hold On for Dear Life)

- CASH == Nexo & Celsius == @ 8 to 12% yield

- PHYSICAL COMMODITIES == Gold @ $1,977 / oz. & Silver @ $25.85 / oz.

- **BitFarm (BITF = $3.14 / in at $4.12)

o Sold May, Dec ‘22: $5 CCs for income,

- **Bitcoin (BTC = $40,500 / in at $4,310)

- CPG (CPG = $7.49 / in at $6.44)

o Sold Jul $7.50 CCs for income,

- Energy Fuels (UUUU = $10.70 / in at $11.29),

o Sold June $11 CCs for income,

- **Ethereum (ETH = $3,050 / in at $310)

- GME – Holding

- **Grayscale Ethereum (ETHE = $22.21 / in @ $13.44)

- **Grayscale Bitcoin Trust (GBTC = $28.50 / in @ $9.41)

- Hyliion (HYLN = $3.78 / in @ $6.01)

- Uranium Royalty (UROY = $4.37 / in at $4.41)

** Denotes a crypto-relationship

Trade of the Week: XLP – look at buying inexpensive Put Spreads 100 days out

Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.

Please be safe out there!

Disclaimer:

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PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.

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Sunday, April 10, 2022

This Week in Barrons: April 10th, 2022

“It's the End of the world – as we know it” … Yes, we are witness to the end of free, dumb money being rewarded by loose public funds instead of by profits and free cash flow. Finally, it does appear like the blank check, gravy-train era is over. [‘Boom, boom, boom, another SPAC bites the dust – and another one gone, and another one gone – another SPAC bites the dust’.] I believe that innovation, creativity, and risk-taking are essential to a growing economy, but selling the dream without sustainability should not be rewarded. That’s why the IPO and SPAC markets have collapsed as of late. Gone are the days of pick your own valuation. This will not spell doom for start-ups and initial fund raising, but rather emphasize healthy and sustainable businesses where everyone is committed to doing the impossible. It’s not the end of the world, but the beginning of things starting to make sense: like profitability and sustainability.

Who is Jack Mallers? Jack Mallers (the CEO of Strike) recently unveiled an integration with Shopify, a partnership with NCR (the world’s largest point-of-sale supplier), and a join with payments firm Blackhawk. This colab will allow anyone, anywhere, anytime – to send funds as payment – without fees, without tax ramifications, without price volatility, or knowledge of bitcoin. This allows any merchant to accept any currency in the world, avoiding ALL of the credit card network fees, and ultimately getting paid in their currency of choice. In this case, Bitcoin is both the asset and the payment network. The asset is being held on digital wallets all around the globe. But it’s Bitcoin as a payment network that allows anyone in the world to send value to anyone else without requiring the participation or approval of a third party. There is no censorship, no seizure-ship, and no dependence upon monetary policy. Strike is bringing a disruptive technology to payments in a way that threatens hundreds of billions of dollars in market cap. It also threatens nations such as the U.S. trying to place ‘economic / payment sanctions’ on other governments. The U.S. is accustomed to having ultimate control over the global reserve currency; therefore, they will definitely object to this payment mechanism on the grounds that it’s just too gosh darn: open, transparent, and fair.

The Market:

A new survey finds… that over 80% of Americans with incomes over $100,000 are worried about both Inflation and Recession. But all families have started buying less across the board. Fair warning!

Our FED plans on controlling inflation… by selling off $95B worth of assets every month; however, they’re sitting on over $9T worth of assets. Our own FED is giving us $95B reasons to sell this market – every month. If bonds make up 50% of our FED’s portfolio, then they have $4.5T in paper assets – that will take about 48 months to run-off. That assumes our FED is able to sell their bonds back to the market – which will decrease their price, increase rates, cause borrowing to be more expensive and money scarcer. Their actions will absolutely suppress inflation, but will also cause less investment in stocks. The FOMC minutes revealed that our FED is also considering selling mortgage-backed securities (MBS) as part of its tightening regime. An MBS sale will have an unknown side-effect on the economy. Markets understand positive or negative impacts, but get scared when the outlook becomes unknown and almost impossible to predict. Don’t Fight the FED. They Sell == You Sell.

InfoBits:

- Startup Investment fell 11% in Q1, and Elon bought 9% of Twitter.

- The US Treasury 10-year (TNX) jumped… this week and is up 80% YTD.

- Money is the 2^nd-most discussed family topic… (after COVID) as high food and gas prices eat into family budgets.

- 93% of teens believe financial knowledge is crucial… to achieving their life goals – yet most fail basic financial literacy tests.

- Financial literacy cost Americans $350B last year… think: overdraft fees, high-interest loans, etc.

- New Yorkers judge inflation by the slice… because a NY slice should always cost the same as a subway ride. But thanks to inflation, the plain Slice is now over $3, while train fare is $2.75.

- Ford’s sales dropped 17% in Q1 and F-Pickups were down 31%… all the while waiting on the on-going chip shortage to be resolved.

- Exxon expects higher oil prices to boost profits by $2.3B / quarter… but it also lost $4B on abandoned drilling projects in Russia.

- Recently FED Head Lael Brainard said: “We will continue tightening monetary policy methodically via a series of interest rate increases and by reducing the balance sheet at a rapid pace as soon as our May meeting.”

- Fast, a 3-year-old, $120m one-click checkout software company… is shutting down completely. Yet another example of funding having very little effect on corporate success.

- JetBlue has offered to buy Spirit Airlines for $3.6B… potentially spoiling a bid by rival Frontier Group ($2.9B) and reshaping the landscape for ultra-low-cost air travel.

- Honda and GM are teaming up to develop EVs for under $30k… and will start cranking out millions by 2027.

- The White House will extend the freeze… on federal student-loan re-payments through August.

- The idea of everyone else paying for your life and education… ain’t gonna happen during a recession.

- Supply struggles will speed the decoupling… of our manufacturing from China as multinational companies have options — and a growing list of reasons to reduce dependence on China.

- Walmart is raising pay for its truck drivers to $110,000/yr… the same as a starting salary of a junior Wall Street banker — without all of the educational loans.

- Tesla finally opened its Gigafactory in Austin, Texas... and will use it to manufacture its complete truck line.

Crypto-Bytes:

- Crypto Facts:

o 43% of the U.S. thinks crypto “is a long-term dominant economic force.”

o 20% of the U.S. has traded or invested in crypto.

o 25% of millennials are using crypto to fund retirement goals.

o 40% of investors view digital assets as a way to hedge against inflation.

o 60% of Goldman’s clients will increase their crypto holdings this yr.

- Stargate is a new crypto bridge... hoping to fix the security and settlement issues incurred by sending between blockchains. It only deals in stablecoins, but in just over a week has accumulated over $4B in assets under management.

- Intel launched its 2^nd-generation bitcoin mining chip... which will play well on the regulatory front amid an environmental, social, and ESG industrial debate.

- German authorities seized 19,000 seller accounts… on the Russian Darknet Market – the largest illegal marketplace on the planet.

- In Q1, MicroStrategy bought another +4,000 BTC for $200m… likely financed by Silvergate Bank. They now hold over $6B in BTC.

- Bitcoin’s “reserve risk ratio” has traded at undervalued levels for 77 days… indicating that long-term holders aren’t selling.

- SEC Chairman Gary Gensler is working with the CFT… in an effort to split oversight of crypto trading platforms between the 2 entities.

- The Brits are making the U.K. a crypto tech hub… by recognizing stablecoins as a valid payment method and introducing a “financial market infrastructure sandbox” to enable innovation without fear of regulation.

- The U.K.’s Royal Mint is working on its own NFT… to commemorate the country’s “forward-looking approach” to digital assets.

- Kevin Smith will release his latest movie… along with a collection of NFTs. NFT holders can use the movie’s characters to create personal content, and the best personal content will be used in the film’s sequel.

- Luna Guard purchased over 5,000 BTC… boosting its stash to $1.6B.

- A copy of the first-ever tweet by Twitter co-founder Jack Dorsey… has been offered for $48m on the OpenSea NFT marketplace. That’s 16 TIMES more than the owner paid for it 1 year ago.

- Wall Street’s Charging Bull statue now has a crypto cousin: Miami’s Robo-Bull (with laser eyes) is a symbol of the city’s crypto bullishness.

- eToro launched a $20m fund to purchase blue-chip NFTs… aiming to be “one of the leading NFT collectors in the world”.

- Blockstream, Tesla and Block (formerly Square) are joining forces… to mine Bitcoin with solar power in Texas == large-scale sustainable crypto mining.

TW3 (That Was - The Week - That Was):

Monday: Elon bought 9% of Twitter, and Hertz is purchasing 65,000 EV’s over the next 5 years from Polestar cars. Welcome to Monday. Watch: NEM, GDX and GDXJ today. The miners have caught a bid and if it holds, that might be a very interesting sector. I still like LTHM, LAC and LITM.

Tuesday: We're getting close to ‘decision time’ in the markets. The pattern in the current market is one of: ‘Lower Lows and Lower Highs’. Right now, the DOW is between its 50-day and 200-day moving average. It could fail and be yet another example of lower lows and lower highs. Coal prices topped $100/ton for the first time since 2008. Watch ARCH and BTU. FED Head Brainard dropped the following: “The FED is prepared to take stronger action if indicators of inflation indicate that such action is warranted. I expect the balance sheet to shrink considerably more rapidly than in the previous recovery, with significantly larger caps and a much shorter period to phase in the maximum caps compared with 2017–19.” There is a massive wave of bird flu ripping through the US Poultry supply. Watch for poultry to go up another 30% shortly.

Wednesday: We have just witnessed the fastest rise in the 30-year mortgage rate in history. But more importantly – cash refinancing w/ lower rates and higher appreciated values is going to dry-up. My suspicion is that 1) the strong consumer is going to become much weaker, and 2) many of the people that did cash out are soon going to be upside down - owing more than their house is worth. Watch EGY, as it’s an almost perfect set up for an attempt at a triple top break out.

Friday: Watch BTU. With coal hitting its highest price in 15 years and natural gas / oil shipments out of Russia being sanctioned – you can bet the EU is scrambling to get energy. CEIX may join the coal party. Also watch CCJ and DNN trying for break outs.

AMA (Ask Me Anything…)

Why do you like crypto so much? The Fed will try its darndest to ‘soft land’ the economy, and to not shock markets by raising rates too quickly. Market observers are doubtful that this will be possible given the high inflation rates, global supply chain disruptions, and the sheer size of our FED’s balance sheet. For digital asset investors, while the prospects of a recession in the U.S. may be unnerving, there are signs that crypto may be divergent. On-Chain data indicates that the illiquid supply of Bitcoin is close to all-time highs. Long-term BTC holders are digging their heels in, and reducing the number of coins available for trading. This lack of supply has been creating positive price pressure. In the altcoin market, with projects like Ethereum (ETH), and Solana (SOL) hitting key development milestones and integrations - investors are willing to allocate capital towards these projects despite the macro-level uncertainty. Watch NFTs and OpenSea to continue driving Solana’s gains.

Next Week: A Risk vs Reward Imbalance?

Headwinds Continue to Accumulate from: (a) our FED raising rates 50bps, (b) our FED selling $95B/month back into the marketplace, (c) our FED selling MBS’s to (c) the BOND Market.

- Currently, we are barely holding onto the edge of the Expected Move, which is a sign of an efficient marketplace.

- With just some of the headwinds listed above, the market has limited upside reward vs a virtually unlimited downside risk – causing a risk/reward imbalance. This will reinforce the ‘bear market rally’ market characterization – especially in so far as the QQQ is concerned.

- The Dollar ($DXY) is beginning to break out, and the marketplace is using the Dollar as a place to park money when you need to: ‘duck-n-cover’. The Dollar is the new VIX.

- Bonds are breaking down. We can forget the Yield Curve Inversion because it’s yesterday’s weather. Our Interest Rates are exploding to the upside; however, next week is a data-packed week – be careful as things have moved fast-n-far.

- Markets are showing a complete lack of correlation – as we’re playing the ‘sector rotation’ game. If our markets do become correlated in either direction, the move will be fast-n-furious.

Position Updates:

- XLU: Tip #1: I’m looking for the utilities to go lower, along with the rest of the market. It’s a beautiful chart to the upside, that has exceeded its own Expected Move in 2 consecutive weeks; therefore, it is ready to ‘return-to-the-mean’.

- SLV: Tip #2: I’m looking for silver to go higher as the dollar pulls back. That small move higher in the SLV – will cause the +$22 / -$24 call-spread in the May 20 contracts to go higher.

SPX Expected Move (EM):

- Last Week’s EM was $75, and we hit it to the penny.

- Next Week’s EM is $77, and that EM looks ‘low to me’ vs the risks that we’re seeing and are being telegraphed by our FED – to this marketplace.

Tips:

HODL’s: (Hold On for Dear Life)

- CASH == Nexo & Celsius == @ 8 to 12% yield

- PHYSICAL COMMODITIES == Gold @ $1,950 / oz. & Silver @ $24.91 / oz.

- **BitFarm (BITF = $3.18 / in at $4.12)

o Sold May, Dec ‘22: $5 CCs for income,

- **Bitcoin (BTC = $42,300 / in at $4,310)

- CPG (CPG = $7.30 / in at $6.44)

o Sold Jul $7.50 CCs for income,

- Energy Fuels (UUUU = $9.72 / in at $11.29),

o Sold June $11 CCs for income,

- **Ethereum (ETH = $3,230 / in at $310)

- GME – Holding

- **Grayscale Ethereum (ETHE = $24.48 / in @ $13.44)

- **Grayscale Bitcoin Trust (GBTC = $29.82 / in @ $9.41)

- Hyliion (HYLN = $3.90 / in @ $6.01)

o Sold April $4 CCs for income,

- **Solana (SOL = $110 / in @ $141)

- Uranium Royalty (UROY = $4.39 / in at $4.41)

o Sold April $5 CCs for income,

- Vertex Energy (VTNR = $ 8.44 / in @ 4.74)

o Sold April $5 CCs for income.