The currency wars are ON

China, UK waging desperate struggles to protect pounds, yuan ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Back to normal it seems. And normal is, well, chaotic. The market plummeted yesterday. Of course, as Mr. X warned, Wednesday's gains were a one-off sparked by the Bank of England's promise to buy as much corporate debt as necessary to defend the pound. The deeper problems in the economy mean that we're still looking at a bear market. It's not just that a recession seems inevitable in 2023 (assuming we're not already in one now). It's that even the good news is bad news. For example, the jobless rate is actually lower than expected... which would normally be good... But the Fed is going to take this as evidence that it is not doing enough to control inflation. That means another rate hike is on the way... and we could see interest rates hit as high as 4.6% before the end of the year. Remember, this is what had Ray Dalio predicting a 20% drawdown in the stock market. In this environment, stay liquid and stick with your technical tools. And focus on trades that are either short-term, technical-driven, and based on a quick turnaround that takes advantage of volatility... Or long-term investments in companies that will outlast the storm. It's hitting, and not everyone is going to make it... But we'll be together on the other end of it, stronger than ever, with the foundation for an empire. Keep Moving, Any strategy that makes you money consistently is worthwhile. Though many new traders believe that trading is primarily about indicators and tools, Chris maintains that it is at least 95% about emotional control. This is especially relevant in this bearish, choppy market which has made the trading world extremely difficult. Learn some pro tips to come back from your losses and stay in the game. [CLICK HERE TO WATCH]( WORD ON THE STREET Costliest Hurricane In History, Bears Return, NKE Hurt By Strong Dollars - Ian May Be Back - The good news - Hurricane Ian is now just Tropical Storm Ian. The bad news - it may regain strength as it moves over the Atlantic and could slam into South Carolina. Much of Florida has been devastated by the storm and some are estimating that this will be the costliest hurricane in history. It's a blow that the struggling American economy may not be able to shrug off.  - Nike Net Income Plummets – Despite beating estimates on revenue, net income was down in the first quarter by more than 20%. Inventory was also backing up, with the company blaming the struggling supply chain for a 44% increase. Sales also fell in China - likely a result of the strong dollar and the weak yuan. NKE shareholders were in the red yesterday after the stock plummeted almost 10% after-hours - Canceling The Bull Market – Yup, it looks like Wednesday was an exception. The Dow dropped 1.54% and the NASDAQ composite a shocking 2.84%. The S&P 500 hit its lowest level since late 2020 - and erased the mini-rally we saw on Wednesday.  - Good News Is Bad News - Initial filings for unemployment are down - way down. In fact, at just 193,000, they are at the lowest level in five months. Unfortunately, combined with a recent report showing that inflation is higher than expected, this means that the Fed's campaign to cool the economy is failing. The worst case scenario of stagflation is rearing its head once again.  "3-Pillar" strategy spots a 108% surge in just 4 days... RapidFire is on fire — with new trades are on the verge of exploding soon! [Click here to learn more](. HOT SPOTS: What's Going on in Geopolitics - Russians Encircled In Lyman - While Russian forces have made incremental progress elsewhere, a key Russian garrison is all but encircled at Lyman, an important railroad juncture. The capture of the town would massively weaken remaining Russian forces and cap off a stunning Ukrainian counteroffensive that has driven Russian forces out of Kharkiv in disarray. A Russian attempt to relieve the garrison by air ended in disaster when four Russian jets were shut down by German supplied antiair weapons. - Putin Prepares Annexation Decree – While Russian forces are on the back foot, President Vladimir Putin is moving forward to annex occupied Ukrainian territory. He signed a decree that would allow occupied Kherson and Zaporizhzhia to be annexed. Recognizing them both as independent, a status already given to the breakaway Luhansk and Donetsk People's Republics, President Putin is expected to officially claim the territories as soon as today. However, a military disaster in Lyman could postpone those plans. Russian reinforcements from the "partial mobilization" are still being trained and are unlikely to salvage the situation in the short-term. Hundreds of thousands have fled the country rather than fight. - China Prepping Dollar Dump - China is about to follow England and wage an (economic) war to save its currency. The People's Bank of China has reportedly told banks that they will need to ditch dollars and start buying yuan. The yuan hit a 28 month low against the dollar earlier this week. It's a risky step for a government that will fail to meet its economic targets this year. CUTTING EDGE: What[']( Happening In Tech - Genome Sequencing On The Cheap - It's an age of paradox - as established systems break down, new technologies are presenting unparalleled opportunities. Illumina (ILMN) is boasting that its NovaSeq X series DNA sequencers could bring the cost down to just $200 for each human genome. That could pave the way for the era of personalized medicine that has been long predicted but never realized. Of course, in the short-term ILMN is no refuge from the tech bloodbath. ILMN was down more than 4% yesterday. - Celsius CEO Steps Down – Celsius is bankrupt and the buck (or the bitcoin) stops at the top. CEO Alex Mashinsky is out and Chris Ferraro is in as interim CEO. The JP Morgan Chase veteran has a difficult task restructuring the company as it seeks bankruptcy protection from furious creditors crushed by the decline in cryptocurrency. - Apple Catches A Major Downgrade - Apple (AAPL) is one of the most reliable blue-chips on the market - so it was a major shock when it caught a downgrade. In fact, one could argue that it dragged down the entire market. An analyst from Bank of America downgraded the stock, disagreeing with Rosenblatt Securities, which moved AAPL to a "buy." There are serious concerns about the iPhone 14, as consumers are not rushing to buy the next big thing. In fact, the company may even be ramping down production. Dropping $1,000 or more for a phone with a few new features isn't a great message during a global recession FOR YOUR CONSIDERATION "This is something like Nassim Nicholas Taleb’s concept of the Black Swan, the 'rare and unpredictable outlier events' that can shape markets. These events aren’t exactly rare – they are somewhat predictable, even obvious. Nontheless, they are unexpected enough that they could shake markets dramatically." The Federal Reserve is arguably pushing the United States into a recession. However, everyone knows that - and it is already priced in. Mr. X argues three extraordinary factors - some natural, some manmade - are posing the real dangers to the global economy. And errors of judgment caused by wishful thinking and pride can't be priced in by any "rational" calculation. 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