More like the Down Jones Industrial

[The Daily Setup] ADVERTISEMENT March 14, 2022 Good morning traders, Welcome back to The Daily Setup. Markets were down again on Friday, but more on that later. Here’s what’s on the docket today: - Marygold gets uplisted - GDP and markets updates - The UK bans crypto ATMs Let’s have a good week. Nick How'd the markets look? Market Outlook [Market Outlook] Marygold, US GDP, and the Markets Biggest Mover But my friends call me Marygold [Activision Blizzard, Inc. ]( Shares of Marygold Companies– formerly the global holding company, Concierge Technologies, Inc.– closed up [89.40%]( on Friday after briefly surging over 200% that morning. (I experience growth in the morning, but not that much…) The wild ride came after Concierge was uplisted to the NYSE for a [$3.3M IPO]( that put [1.65M shares on the market at $2 a pop](. - If you’re still not sure what the hell Concierge Technologies/the Marygold Companies does, you’re not alone. MGLD acquires profitable companies it believes to be undervalued (in all sorts of sectors like [printing, food, investing, and hygiene]() and grows them. But the company has [had trouble]( achieving name recognition, which is why it’s opted for this rebranding. Exactly why “The Marygold Companies” beats Concierge Tech in the naming department is beyond yours truly. - It’s unclear whether the new name has helped MGLD, because the combo of [an uplisting and more growth capital]( is a pretty solid magic recipe for stock health. It’s often a good idea to bet on a cash infusion like the one Marygold’s just netted. In the short term, though, this stock spike is so steep that it’s sure to be followed by a correction this week– you’ve missed your window if you were hoping to reap immediate rewards. If you like the looks of MGLD’s prospects, it’d be best to wait until the stock stabilizes before buying. GS Drops GDP Forecast [Cycling Downhill] The nerds economists at Goldman Sachs (GS) cut their 2022 GDP forecast by 0.25% to 1.75% on Friday. Their previous estimate of 2% was already below consensus estimates of 2.75%, and that was before Russia decided to invade Ukraine. [Goldman Sachs chief economist Jan Hatzius]( decided to rain on our parade as only an economist can by saying, "We now see the risk that the U.S. enters a recession during the next year as broadly in line with the 20-35% odds currently implied by models based on the slope of the yield curve." The markets have been digesting news coming out of Ukraine since the invasion which, to put it mildly, has caused some wild swings in equity and commodity prices. The S&P 500 futures finished Friday’s trading down [1.21%](, while WTI crude futures closed up [2.9%](. Hatzius and other Goldman economists detailed their reasonings for the cut as follows: - Oil prices could rise as high as $175/barrel if supply losses reach 4M barrels/day. If that actually happens, it would blow away the [all-time high in WTI crude]( of $147.02/barrel reached in July 2008. - Rising gas and food prices will create an effective 0.7% pull on real disposable personal income this year. - Companies which have pulled out of Russia, or at the very least suspended operations there, will see a hit to their bottom line which could depress corporate profits for upcoming quarters. The best thing for the market, at least in the short term, would be a resolution to the conflict in Ukraine. That said, oil prices will still remain astronomically high as inflation was an issue before the war started. A recession is not a foregone conclusion but with the current geopolitical environment and 2+ years of money printer going “brrrrrr”, the Fed may have to be more hawkish than they originally were planning. More like the Down Jones Industrial [More like Goldman Sucks] It’s hotter when George Castanza does it. The Dow fell for its fifth straight week last week as Russia’s totally reasonably justified defensive invasion of Ukraine persisted despite mutterings about a ceasefire. Meanwhile, the Nasdaq and the S&P 500 have only fared slightly better, each falling for their second week in a row. But hey, at least we’re not Russia– their stock exchange [won’t even get out of bed next week](. - These across-the-board dips, while concerning, are [leveling off a bit]( as the prospect of nuclear annihilation becomes normal again. Also, the longer the Russkies’ ill-fated invasion drags on and the more [economic kicks in the pants]( the world gives them, the more the Kremlin teases about promising talks with Ukraine. Then again, this is Putin we’re talking about here. - Some BofA analysts think [the market’s fallen far enough]( that further significant drops are unlikely. And that’s cute, it really is… - … Because the rest of the United States calls BS on that optimism. The UMich Consumer Sentiment Index for March clocked in at 59.7– its [lowest score since September 2011](– as concerns about the invasion dovetailed with fears about persistent rampant inflation. God I love raining on parades. We can only hope that some sort of truce is on the horizon. Russia’s struggling, but Putin is unpredictable and Russia has a pretty storied history of winning wars of attrition by sacrificing enormous numbers of human beings. In terms of the market, it looks like there won’t be another sharp dip for a while, but neither do I expect any kind of sharp or rapid recovery. I think there’s nothing to do here but wait and cross one’s fingers for peace. ADVERTISEMENT An alternative way to think🤔 If you’re like us, your portfolio has been more red this year than an Ohioan vacationing in Florida without sunscreen. Growth stocks, value stocks, heck, even crypto are all down. The problem is a correlation, as no matter what you choose, it still seems to rise (and fall) in tandem. [But… what if you could invest in something that was actually uncorrelated? A true step toward diversifying your portfolio.]( That’s where we come in. [We’re Alts.co, a newsletter that keeps you up to date on alternative investments. Comics, Sports Cards, Sneakers, and Startups, if you can name it, then odds are that we write about it.]( Stefan and Wyatt provide original research and insights across these alternative investments to help you find new assets that fit your portfolio. [SUBSCRIBE TO ALTS FOR FREE]( This is an advertisement by a party that is unaffiliated with Raging Bull. Raging Bull does not in any manner recommend or endorse any stock, investment or service that is the subject of this advertisement U.K. Cracks Down on Crypto ATMs Token Talk The U.K.’s Financial Conduct Authority (FCA) went all McGruff the Crime Dog on operators of crypto ATMs Friday. The country’s financial watchdog announced that firms operating these ATMs must shut them down or face enforcement action. Details regarding what type of action the FCA would take were not disclosed, but they have cited the need for stricter regulation on the machines for fear they can be used for human trafficking or money laundering. - There are currently [81 crypto ATMs operated by at least eight firms]( in the U.K., none of which have been granted access to legally operate them. - Crypto ATMs allow a user to deposit cash for crypto that can be linked to a digital wallet. - [According to Coindesk](, “As of March 7, 106 firms have applied for registration with the FCA to offer crypto services. Of those, 27 are now fully registered with 56 refused or having withdrawn their application.” With [President Biden’s executive order]( last week regarding the “responsible development of digital assets,” it is only a matter of time before crypto ATMs show up next to normal ATMs throughout the world. More regulation is not always a bad thing, especially in a nascent industry like digital currencies. It will help to foster growth as larger institutions will feel more comfortable investing their money and their clients’ in crypto related products. BP & ENI Getting Their Monty Hall On Deals and Rumors [Deals and Rumors] Oil and gas conglomerates BP plc (BP) and ENI S.p.A (E) are nearing a deal that will allow the two companies to merge their oil and gas operations in Angola via a financing package of around $2.5B. The newly created entity has yet to be named but will be a 50-50 joint venture with an ENI executive at the helm. In a separate deal, BP will be selling its Salah and Amenas gas developments in Algeria. The value of that deal was not disclosed as both sides were having difficulty valuing the gas reserves at the time of the announcement. Shares of $BP and $E finished lower by [2.63%]( and [2.56%]( respectively. - [The goal of the Angolan merger]( is to help both companies shift towards renewables and low carbon energy in the coming decades. The deal will also help to reduce debt in both companies. - The new Angolan entity will produce around 200,000 barrels of oil equivalent per day. - Meanwhile, [the Algerian oil swap](, according to sources, “will help Eni develop Algeria's energy infrastructure and export gas to southern Europe via pipelines.” This will allow Eni to reduce their reliance on Gazprom, the Russian oil company. As more and more oil and gas companies decide to pull out of Russia, it is possible that this is just one of many deals coming down the pipeline (pun intended). With Russia being the [world's second largest oil exporter](, companies are going to have to find ways to get their oil from other countries. One of the best ways to do that is by joint ventures with other companies that have a foothold in a region that another does not. Keep a watchlist with leading oil companies such as BP, E, COP, CVX, XOM, and OXY in order to give you a quick overview of what is going on in the energy sector, and any deals that may be on the horizon. Link Roundup Other News Other News Link Roundup - Hey, bro, I think that Prius just laughed at you - Drivers forced to suffer high gas expenses as automakers have low stock of fuel-efficient cars ([link]() - Finally, protection for the rich - Court ruling could kneecap IRS’s ability to go after tax shelters ([link]() - Go green means go… red? - Russian invasion might give ESG funds even more China exposure ([link]() - Let’s get these crumbs - The war endangers global wheat supply ([link]() - Short shorts - There’s a dearth of short sellers and that spells good things for the economy ([link]() Meme of the day I felt the same way when I filled up on Friday, [via @wallstmemes]( 62 Calef Hwy #233 Lee, New Hampshire 03861 United States Questions or concerns about our products? 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