Biden steps down, markets respond; Kamala competes; earnings reports disappoint, and markets correct.

MOTIVATION
Quote of the week

"Success is not final, failure is not fatal: it is the courage to continue that counts."

-Winston Churchill-

Week of 22/07/2024
What You Need to Know This Week

• Biden drops out of the presidential race and supports Kamala Harris.

• Stocks and cryptocurrencies rise following Biden's departure.

• CrowdStrike falls after a global glitch.

• 206k jobs were added in June.

• California retains its title as the 5th largest economy in the world for the 7th consecutive year.

• Kamala Harris raises $81 million in fundraising within 24 hours.

• Tesla reports a decline in earnings for the second consecutive quarter, with Q2 earnings down 45%.

• Optimism is growing for the IPO landscape, which peaked in Q3 2021 and had fallen 82% by Q1 2022 when the FED began raising rates.

• On Wednesday, there was a drop due to poor earnings reports from mega-cap stocks.

• It seems investors are more comfortable buying assets sensitive to rate cuts, such as real estate and dividend stocks, indicating a rotation of assets spurred by a decline in earnings growth.

• ETH ETFs reach $10.2 billion across 9 ETFs, with nearly $1 billion in trading volume on the first day and over $500 million on the second.

• GDP exceeds expectations, growing at an annualized rate of 2.8%, when the forecast was 2.1%. Strong consumption, private investment, and non-residential investments contributed to this growth. The Core PCE is at 2.9%, down from 3.7% in Q1.

• History shows that markets generally go up regardless of who is president.

Economic calendar 29/07/2024
Economic Events

From now on, we will only list events that generate higher volatility.

Week of July 29, 2024

As we can see, the interest rate decision on Wednesday will be a busy day. We also have the Dallas PCE on Monday and unemployment data on Thursday and Friday.

Weekly technical analysis
Some Interesting Assets [Stocks and Cryptos]

It was a week of correction in the indices, driven by disappointing reports from mega-cap stocks.

TSLA
I'm keeping a close eye on Tesla after its poor performance on Thursday when it reported earnings and opened with a strong gap down. We have two things to consider: one gap downward and another upward. At the same time, there's a nearby support level at $212.77. We need to see how it develops in the next 1 or 2 days.

NFLX

Netflix is at an interesting support level. We'll need to see if the indices support it next week, but it looks like a potentially good buying zone. If the context looks favorable at Monday's open, I'll go ahead and buy.

BTC

Bitcoin is performing well within the range, as we discussed in the last video. For now, I'm holding steady.

Which stock/crypto should we analyze next week?

SNAP
I find Snapchat attractive for a short position, aiming for at least the $12.37 zone, ideally down to $11.57.

Random
Random fact of the week

Did you know that bees have five eyes? In addition to the two compound eyes on the sides of their heads, they have three simple eyes on the top of their heads to detect light and movement.

Art
Illustation of the week