👀 Market bloodbath, The crypto hedge? The safest play

Hi guys, it’s Kieran! A sea of red in the markets today so let’s get into it.

📢 Prop Firm Industry News

The payout backlogs at GlowNode & FundedPeaks have yet to be cleared. Glownode have said that all payouts will be cleared in the first week of August, so we’ll see if that materializes this week. Funded Peaks on the other hand have been silent on the issue since 27th July , which is a major concern as their new investor and CEO had previously been quick to communicate the issues. Finger’s crossed we some movement on their backlog this week, but in all honestly, it does not look good.

As per Payout Junction, Prop Firm payout numbers for July were finalized last week. Most firms saw a increase in payouts month over month. The notable exception being FindingPips who’s payouts dropped 39%. Their CEO put this down to their payout cycle changing from 1 to 2 weeks. In my opinion this is not something to worry about and on the contrary it is good to see payouts getting under control at the firm.

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🕜 Economic calendar

Here are this week’s red folder news events. Considering the state of the markets this morning, it is a relief to see a light week of news releases!

📈 The Macro View

Japanese led panic

The Japanese stock market just had it’s biggest down day since 1987. The reasons are likely due to to mix of global trade worries, geo-politics, institutional de-risking, US recession fears and crucially the strengthening Yen which has blown up the USD/JPY carry trade which most funds were long, and now requires rapid unwinding. It’s too early to make any predictions or proclamations so watch carefully, however remember the old Buffett adage “buy when there’s blood in the streets” 😀 

Tech sector selling continues

Add tech earnings concerns to the wall of worry as US Tech was the most net sold sector in each of the last 3 trading sessions and has now been net sold in 9 of the past 11 weeks. (Goldman Sachs) Nasdaq 100 now -16% off the all-time-highs set last month.

The Crypto Hedge?

One of the arguments for crypto is that it will act as a hedge should markets breakdown significantly. Well, there’s not much evidence of that yet, as Ethereum is now -45% off it’s June24 highs. Bitcoin is currently sitting 29% down from last month’s high’s. What a difference a month makes 🙃 

Is anywhere safe?

Our old friend GOLD is having a rather quiet day overall. Whilst not acting as a true hedge to counterbalance the selling, it has barley moved. The chart in isolation looks like nothing is going on around it. It seems holders of gold are prepared to liquidate all their other holdings before selling the precious metal. One for the notebook.

OK guys, that’s it for this week. Stay safe out there and stay risk managed!

Have a great week!

Kieran

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