Jerome’s European Talking Tour Du Jour:

Good ole, J. Powell jittered markets again.

Jerome sat on 2 panels this week in Europe. Only 1 moment was seized upon by media. Duh he wants 2 more rate hikes. Nothing unexpected.

Here is the video of Chairman Jerome Powell talking about what he sees, softening job creation and falling CPI.

AI Chip Wars (Proposed) Are Heating Up:

The Wall street Journal reported the US is considering an additional ban on selling A.I. chips made by US companies to China. This gave a BTFD opportunity to $NVDA $AMD $VSH

So you know, the US already has “Export Controls on Advanced Computing and Semiconductors” to sell to China. They announced them in October, 2022.

Q1, 2023 GDP - Revision 🚀🚀🚀

• GDP in Q1, 2023 was 2.0% not 1.3%. It’s the 3rd revision.

• Are the bears🐻 alright?

Japan’s Rocket Market Continues:

• Japan Stocks Climb - Starting the week the Nikkei 225 was only 18% below the all-time highs. It’s been 30+ years since we’ve come this close! Keep your eyes on your fries.

Market Performance

Happy Sunday. First month of summer in the books! Earnings start next month…does the heat turn up in the market or does the volume go cold?

Market Performance:

The market started the week on a mixed note. Closing higher on Friday at quarter and month end. Month-end mark up or not, people are happy headed into a long-weekend. (Except the bears 🐻)

It’s a bull market in the Nasdaq (.IXIC) and the S&P 500 (.INX)

In proper form we have numerous stocks breaking to new highs.

US Index Review:

This market has been led by a few big names. But looking at the equal-weight SPY, we see bullish progress. $RSP is positive on a rolling 3 month and 1 year return. That’s important for BULLs. Bears needs to watch the price action, it’s positive.

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$VRRM below is about to come off this $5-20 list and hit the $20+ list. It’s low volatility and upward trajectory have made it fun to follow. Light commentary below, it’s the holiday weekend. If you have a direct question, message me on twitter @BootlegMacro

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Next Week:

• Next week will be a holiday-shortened trading week, with U.S. markets closed on Tuesday for Independence Day.

• The latest updates on the labor market will become available, with the Job Openings and Labor Turnover Survey (JOLTS), ADP’s National Employment Report, and the June nonfarm payrolls report.

• The Federal Reserve will release meeting minutes from its latest policy meeting.

• Credit to Investopedia

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