"What You Doin?"

Hi There! Playing steel pan runs in my blood. As a child, I was captivated by the soul-stirring melodies of this magical instrument. I play the double seconds, which I consider to be the heart and soul of every steel orchestra, the alto voice. During my recent visit to Grenada, I was filled with pride while listening to the mesmerizing riddim section from the legendary Republic Bank Angel Harps, one of the top steel orchestras I once played with. The riddim section, also known as the “engine room”, consists of a symphony of unpitched percussion instruments that breathe life into the music, including scratchers, conga drums, irons made from discarded car brake drums, toc-tocs (claves), cowbells, and the majestic two-note duddup (pronounced doo doop) - a bass pan from a full-length oil drum. Completing this magnificent ensemble are instruments like shak-shaks (maracas) and goat skin drums. The mesmerizing power of steelpan music is unparalleled; it commands attention, and when steel talks, everyone can't help but dance. So, the next time you hear the vibrant cadence of calypso or sweet soca music, embrace the spirit of Grenada by grabbing a bottle and spoon and joining us in the “engine room”, where the island's heartbeat comes alive in a symphony of joyous melodies. 

Alright, let’s dig in!

Last week, the Dow surged an impressive 100 points, marking its best performance since March. This growth was fueled by the news that America's major banks are thriving, instilling confidence in investors. On the flip side, the Nasdaq and S&P 500 experienced a dip. Both touched their highest intraday levels since April 2022. AT&T hit its lowest point in 29 years following concerns about slowing growth and potential liabilities linked to its use of lead cables, according to an analyst's warning. Despite those fluctuations, the prevailing sentiment among investors remains optimistic, as moderating inflation uplifts their spirits during the onset of earnings season. While there is a belief that the Fed might increase rates by 25 basis points next week, investors perceive that the tightening cycle is nearing its end. As the spotlight shifts to corporate earnings, early results indicate that companies wielding pricing power are poised to emerge as the major winners, hinting at promising opportunities for savvy investors. 

The oil prices in the energy market increased for the third week in a row. This impressive rally shows no signs of slowing down, with this new week poised to witness further momentum. Several factors are contributing to this upward trend, including easing inflation, strategic plans to refill the U.S. strategic reserve, supply cuts, and various disruptions that are providing a strong foundation for oil prices. Notably, oil prices experienced a nearly 2% spike last week, largely due to supply disruptions in key oil-producing regions like Libya and Nigeria. As these disruptions persist, concerns about tightening markets in the upcoming months have intensified, adding more fuel to the bullish sentiment surrounding oil. Investors and traders alike are closely monitoring these developments, recognizing the potential for significant gains as the rally continues to unfold.

Here are other key highlights from last week:

• Bitcoin at $30,000 is the most popular “Buy” level ever

• Google opens doors to NFTs in Android Apps and Games

• Beamable + Polygon collab gives Web3 game devs more “Shots on Goal”

Watch the following closely this week:

Investors are keeping a close eye on a plethora of crucial economic indicators and updates from both the United States and overseas markets. The spotlight shines on the Federal Reserve speaker, Barr, whose insights could offer some confirmation about the Fed Interest Rate hikes next week. In the U.S., all eyes are on the anticipated release of retail sales figures, expected to showcase a robust growth, affirming the resilience of consumer demand. Additionally, market participants eagerly await updates on the health of the housing sector, with reports on building permits, housing starts, and existing home sales providing essential insights into the state of the real estate market.

Meanwhile, the week also brings critical data from overseas, including China's Growth Data, which already shook the Asian markets as the world's second-largest economy reported a 6.3% GDP growth for the second quarter, lower than economists' expectations. Also, the UK's Consumer Price Index (CPI) becomes a focal point for international investors, shaping their strategies amid the dynamic global economic landscape.

Earnings season continues this week with Tesla (TSLA) and Netflix (NFLX) among the major companies reporting. The most notable earnings for the week (July 17 - 21, 2023) are outlined in red in the chart below. 

This week's anticipated bias (not financial or investment advice):

• Monday (07/17/23) - Liquidity shuffling around - trade cautiously

• Tuesday (07/18/23) - Expect Crypto to push up - Trade volume

• Wednesday (07/19/23) - Bullish

• Thursday (07/20/23) - Secure your profits early

• Friday (07/21/23) - Bearish bias - catch the trend early

Trading Tip: In a strong bullish sentiment any selling is short-lived!

Week 07/09/23 - 07/15/23 Recap

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Disclaimer: This newsletter is strictly educational. The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the report’s content as such. Please be careful and do your own research.