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Laptop Liabilities

Well folks, it looks like things are turning around for equities this week after yesterday’s mainly red session - in the premarket, the Dow, S&P and Nasdaq are trading up 39, 43 and 37 bps, likely on oil’s sharp decline in price yesterday as OPEC continues to the weigh the option of boosting production targets. Read on for your daily dose of market inspiration in this 157th Coachman’s Report!


Markets in Review

The market is at a decisive crossroads as of now; the S&P’s price channel is narrowing with the 50 and 200-day moving averages edging closer together as the index rejects breaking out above its long-term support on its most recent attempt. This more pacified price action has allowed the $VIX to descend over 30 percent since the start of October - bringing it to a current value of about 22 points (and in our opinion, ripe for a spike - either on next Friday’s jobs report or a Fed rate hike surprise.)


Short: Central Garden & Pet Company (CENTA-NASDAQ) | Timeline: 2 days

Central Garden & Pet Company (CENTA), which produces and distributes various products for the lawn and garden, and pet supplies markets in the United States, reported subpar earnings yesterday after the market closed. The company missed earnings and revenue estimates by 766.67% and 1.44%, respectively, as a “challenging environment characterized by poor weather during the peak garden season, high inflation, evolving consumer behaviour and unfavourable retailer inventory dynamics” (Tim Cofer, CEO) resulted in negative growth for the company. (Full Story) Referring to the chart, CENTA has had a quite volatile past 6 months as macroeconomic uncertainty has continued to scare investors and traders. That said, investors seemed to have had some optimism going into earnings season - but this just lead to the stock being overbought, signalled by the Stochastic RSI, and a rising wedge formed - most likely resulting in a rejection of the stock’s previous resistance.


Zooming out...

Let’s Talk About Hunter’s Laptop… A story that was once categorized as misinformation and a right-wing conspiracy prior to the 2020 elections has now been verified by major media outlets. CBS news returned from their 48-hour Twitter hiatus to release an article which describes the independent analysis that Hunter Biden’s laptop received, proving its authenticity. The story, while shocking, is relatively unchanged from the New York Post’s coverage in October of 2020, coverage which led to the temporary suspension of their Twitter account in the days leading up to the election. This story deserves an added level of scrutiny due to the actions of social, traditional, and mainstream media outlets to silence the information at such a crucial time in American history. Moreover, after Mark Zuckerberg revealed that the FBI approached Meta in order to ensure the spread of the story was limited, how can the public trust that fully warranted further investigations will proceed untainted? TSwift Tickets Tearing Up The Nation Taylor Swift is making headlines once again, this time for exorbitant ticket prices and the monopoly ruling over North American event go-ers. The controversy stemmed from a screenshot of the TicketMaster app shared across social media after the company cancelled the public on-sale of tickets for the artist’s tour- allegedly after the company also experienced a material failure in its Verified Fan system, which was intended to separate bots from real consumers. The screenshot details how nosebleed seats for her concerts across North American stadiums are selling for over $1k USD each due to the supply collapse, and the volume of scalpers holding onto the hot commodities. This current boondoggle has cast light onto an often unspoken aspect of Ticketmaster’s operations, the estimated 70% control of market share that the platform, and its partner Live Nation share. This has resulted in renewed efforts from lobbyists, politicians and angered fans to petition for the unwinding of the 2010 Live Nation-Ticketmaster merger. Moreover, the days of the event giant’s reign may be dwindling as significant lawmakers have begun to wade in on the issue, with rare bipartisan support seemingly behind the dissolution of the Live Nation Ticketmaster merger.


Making headlines...

Alameda’s Former Co-CEO Used Poker, Blackjack Strategies in Crypto Trading

  • He has a degree from MIT and cut his teeth as a trader at Susquehanna International Group. Yet the former co-head of Alameda Research made it clear that poker and black-jack tables were where he honed the gambler’s instincts he applied to cryptocurrency trading. (Full Story)

How Bad Will Housing Get? The Chill Gripping a Once-Hot Market Offers a Test

  • As Canadians struggle with soaring interest rates, the next few months hold clues on whether there will be a surge in forced sellers. (Full Story)

Iger Makes First Big Move in Disney Return

  • On Monday, Iger made his first big move as CEO — firing Kareem Daniel and restructuring Disney's Media and Entertainment Distribution (DMED) division. (Full Story)

Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sours

  • Wall Street’s waning conviction in Coinbase Global Inc. has done little to deter Cathie Wood. Instead, she’s been scooping up shares of the struggling cryptocurrency exchange in the wake of the collapse of Sam Bankman-Fried’s FTX. (Full Story)


Chart of the Day: Fed continues to shrink its holdings of Treasury bonds and notes at the steepest pace in history.


"Somewhere inside, we hear a voice. It leads us in the direction of the person we wish to become. But it is up to us whether or not to follow." - Pat Tillman.


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