Seanie of Arabia

As you read this, I’ll be on my way to Riyadh. [The Rude Awakening] March 04, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Seanie of Arabia [Sean Ring] SEAN RING The school year started a little earlier for me. If you’re new to the Rude, you may not know that I teach recent college graduates who enter banks and other financial institutions. Usually, that’s over the summer, once they graduate and get into their new places of employment. But this year, I’ve been asked to teach in Riyadh, Saudi Arabia, for a few days. I’ve never been to Saudi, so I’m chomping at the bit to get there. And if you’re reading this Rude edition as it hits your inbox, I’ve probably just left Frankfurt to fly to Riyadh. (I start my journey in Milan, but there are no direct flights.) Teaching in the Middle East during the summer is practically nonexistent. Most people try to get as far away from the scalding temperatures as possible. So I’ll be there in February when the temperature gets to the more moderate mid-80s. I look forward to the heat… and learning about this fantastic country. Indiana Jones and the Dazzling Desert It’s all Harrison Ford’s fault. He made the desert cool. I’ve been obsessed with traveling and the desert since I was a boy. And it’s all because of those darn movies. The fedora. The whip. The brown leather jacket. Utterly iconic. So far, I’ve been to (from west to east) Morocco, Tunisia, Egypt, Turkey, Qatar, and the UAE. Saudi is a welcome addition to that club. Before you wonder why, [here’s a great video of Zuby on Patrick Bet-David’s Valuetainment podcast](. Zuby grew up in Saudi Arabia. PBD’s boys were shocked to learn how happy a childhood Zuby had. (It’s pretty cringe, to be honest. Be not like the other Americans who muddle their talk.) Like most oil-rich countries, Saudi is trying to diversify its economy to lessen its dependence on oil revenues. The Great Saudi Modernization Project Saudi Arabia's modernization efforts, encapsulated in Vision 2030, aim to transform the country through various reforms and initiatives. These efforts focus on enhancing women's rights, gender equality, economic diversification, and societal development. The Vision 2030 plan, developed by Saudi’s Council of Economic and Development Affairs, includes goals to reduce oil dependence, create a sovereign wealth fund, privatize Saudi Aramco, and reform industries like tourism and defense. Critical aspects of Saudi Arabia's modernization include: - Economic Diversification: The country is reducing its reliance on oil by diversifying income sources and enhancing competitiveness. Non-oil growth has accelerated significantly, with a focus on private non-oil investment and strong domestic demand. - Societal Development: Vision 2030 aims to create a vibrant society by focusing on people, the Islamic faith, cultural heritage, entertainment opportunities, healthy lifestyles, and urban development. It also emphasizes job creation through education, entrepreneurship, innovation, and support for small and medium-sized enterprises. - Government Reforms: Efforts are being made to enhance government efficiency, promote growth and investment opportunities, increase global engagement, and improve the quality of life for citizens. The plan involves empowering citizens and businesses, diversifying the economy, supporting local content, and fostering innovation. Saudi Arabia's economy is projected to grow rapidly because of pro-business reforms and diversification efforts. The country's economic outlook remains strong, focusing on sustaining reform momentum for long-term prosperity. Initiatives such as digitalization and improvements in tax policy are crucial for economic growth and fiscal sustainability. [Are you worried about “Biden Bucks”?]( All you need to protect yourself and your money is this secret gold investment you see here. [Click here to learn more]( This new alternative gold currency is the perfect way for you to sidestep “Biden Bucks” while preserving your wealth at the same time. To show you how it works, just watch this [quick 2-minute video]( walking you through all of the details… [Just click here now for all of the details.]( [Click Here To Learn More]( The Goals and Benefits of Saudi Vision 2030 Saudi Arabia's Vision 2030 holds the potential for various benefits that can positively impact the country's future. Some of the key benefits include: - Job Creation: The initiatives under Vision 2030 are expected to generate significant job opportunities for Saudi citizens. As new industries emerge and existing sectors expand, the demand for skilled workers will increase, leading to reduced unemployment and a more dynamic labor market. - Quality of Life Improvements: Investments in social infrastructure and public services aim to enhance the quality of life for Saudi citizens. Improved education and healthcare systems, access to cultural and entertainment activities, and a more inclusive society will contribute to overall well-being and happiness. - Empowering Women and Youth: The vision strongly emphasizes empowering women and youth by increasing their participation in the workforce and providing better educational and employment opportunities. By harnessing the potential of these demographic segments, Saudi Arabia aims to drive innovation, creativity, and economic growth. What’s NEOM? NEOM, a groundbreaking initiative under Saudi Arabia's Vision 2030, is a futuristic region in northwest Saudi Arabia designed to be powered by 100% renewable energy. Led by the Public Investment Fund, NEOM prioritizes sustainability, creating a new model for living, working, and prospering. It encompasses projects like THE LINE, Oxagon, Trojena, and Sindalah, each contributing to the vision of exceptional livability and groundbreaking conservation. NEOM is planned in the northwestern Tabuk Province of Saudi Arabia, north of the Red Sea, and will cover approximately 26.5 km² with 468 km of coastline, 41 islands, and diverse natural areas like the coast, coastal desert, mountains, and high valleys. NEOM includes innovative projects like The Line (a 170-km linear city), Oxagon (a center for advanced and clean industries), Trojena (a ski resort), and Sindalah (a luxury island resort). NEOM aims to be powered entirely by renewable sources, setting new benchmarks for combining prosperity, livability, and environmental preservation Wrap Up It’s an exciting time to visit Saudi Arabia. I’m looking forward to it. I’ll keep you posted this week as I get to know the place better. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( In Case You Missed It… Back to the Future with “AI.com” [Sean Ring] SEAN RING February 2024 Monthly Asset Class Report Remember in the late 90s when every company started adding “.com” to their official title? All those companies shot to the moon by March 2000, only to crash down to earth once the NASDAQ crash came a tumbling. We’re in the upward lift of a new melt-up led by companies who’ve convinced the market they’re “AI-driven.” And that’s just fine by us. Because the NASDAQ made roughly 30% in the last leg of that crazy rally. Yesterday, the Nazzie hit a new all-time high, its first since 2021. And we have a long way to go before this rally fizzles. And remember, the Fed will still almost certainly cut rates in the middle of the year. Since Americans - especially Democrats - think this next election is between life and death, the Powell Put may be more important than the Greenspan Put ever was. Sure, there will come a time to lay your cards down and quit this unholy game of poker. But as Aragorn once said, “It is not this day.” Since this is all quite inflationary, Bitcoin and Ether popped hard, with Bitcoin near its all-time high. The rest of the crypto space is doing well also, with some altcoins returning over 100% in the last quarter. Gold has closed above $2,000 for the last four months. We’ve found our new floor and launchpad for the next rally to $3,000. Silver has been a yawn but won’t wake up until gold does. As Rick Rule says, “First fear, then greed.” Let’s see if oil can escape its holding pattern and rally. With that in mind, let’s get to the charts. S&P 500 [S&P 500] Looking at this chart, there’s no reason in the world to be short. We may take a breather in the coming weeks, but I’d still participate in this rally. The long-term target remains 6,000. Nasdaq Composite [Nasdaq Composite] ***NEW MONTHLY CLOSE RECORD OF 16,091.92*** The markets shrugged off last month’s end-of-month sell-off. Again, NVDA shows no sign of slowing down, healthy or not. The MAG 7 keeps plugging away. The long-term target is 17,350. Russell 2000 (Small caps) [Russell 2000 (Small caps)] We bounced off the 50-day moving average last month, rallying from 192 to 203. I’m leaning bullish here. If the Russell takes off, that’ll put an exclamation mark on the broader and bigger market rallies. The US 10-Year Yield [The US 10-Year Yield] I got this wrong last month. The 10Y increased 26 bps to 4.25%. And yet, the market shrugged this off. Tough to tell: the next FOMC meeting is at the end of March. Dollar Index [Dollar Index] I was looking for the next target of 105.5, followed by 106.5. But we may have topped out here. Indeed, this could be the beginning of another dollar plunge. I’d look for 101, followed by 99.5. USG Bonds [USG Bonds] It was a dull month, with TLT dropping only 2 points to 94.18. It may remain rangebound, but the best guess at the next target is 90. Investment Grade Bonds [Investment Grade Bonds] We fell a few more points to 107.66 (from 110). I imagine it’ll stay rangebound but maybe get down to the 106-105 area. High Yield Bonds [High Yield Bonds] It can’t seem to get over the 77.50 hump. The upside target is in the 90s. I’d still be wary of a minor reversal if we don’t see an upside breakout soon. Real Estate [Real Estate] Put a hold on that reversal I called last month. We may be heading back up. The first target is 89, then 94. Energy: West Texas Intermediate (Oil) [Energy: West Texas Intermediate (Oil)] We’re back to 78.26. Between Israel, Hamas, the Houthis, and the Suez being shut, I can’t believe we’re still under $80. That’s the best indication the world economy is weak. Still, absent a universal peace, I can’t see this lasting. I’m looking at 83, at least. [Could You Spot These 2 AI Investing Traps?]( Here’s something no one else will tell you about artificial intelligence. Investing in AI… is BS. Almost every investor out there is falling into [2 AI investing traps](. And they’re going to lose their shirts. Before you spend one nickel on AI… [click here to see tech genius James Altucher’s urgent warning to investors]( [Click Here To Learn More]( Base Metals: Copper [Base Metals: Copper] Rangebound and boring. Until we break above 3.95 or below 3.55, there’s not much to be had here. Precious Metals: Gold [Precious Metals: Gold] The chart shows $2,054/oz. And it’s the fourth straight monthly close above $2,000! I’m still bullish and think we’ll reach $3,000. But it will be a far more brutal slog than we imagined unless we get a surprise rate cut, which I can’t see happening. Precious Metals: Silver [Precious Metals: Silver] From last month: Sideways Silver strikes again. There is nothing to report other than to hang on to your holdings. It’ll be worth it. We just need to get above $26 first. Cryptos: Bitcoin [Cryptos: Bitcoin] We blew through the target of $47,000. Now, we’re flirting with the ATHs. Next stop: $66,500. Cryptos: Ether [Ether] We blew through $2,820 all the way to $3,352. For Ether, the sky’s the limit. Trad Asset Class Summary [Trade asset] Stocks were up 3.87% this month. Commodities finished second, with a 1.99% return. Oddly enough, the dollar also finished positively, up 1.19%. Bonds got trounced, losing 3.88%. Crypto Class Summary [Summary] Ether, Dogecoin, and Bitcoinshot the lights out, returning over 45% each. Ripple and Litecoin were up by double digits. Monero was hammered, down nearly a fifth. Wrap Up Stocks, crypto, and gold. It’s a pretty simple formula. May the rally continue until the morale improves. Finally, let’s take a moment, courtesy of the Twitterverse: [meme] Have a great weekend! All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. 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