Shownotes Transcript
On Saturday one of my tweets went viral. And I want to to thank you again for subscribing to my Substack and twitter: nyugradsubstack).
Below is the content that I tweeted that has over 100k+ impressions over the weekend. I want to thank Danielle DiMartino Booth )from Q.I. Research and Craig Fuller from Freight Weight).
Knight-Swift Reports 71% Earnings Drop for Q2 $KNX
@DiMartinoBooth has been alerting everyone on "destocking". here is another proof point...
CEO David Jackson said during a call with investors. “I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic #recession.”
Something fun to look forward to if you like combat sports. Main card should start around 8am NYC time Tuesday on ESPN+. Both undefeated.
I am skipping “EP Thirteen” to ward off any bad luck.
Friday action was muted. A calm before the storm maybe? But at 3pm breadth kicked into gear south. And Russell 2k lead down all day. $AAPL and Magnificent 7 were being distributed all day.
Look at the divergence on $AAPL via RSI and MACD. This is how you sell the largest position in the galaxy. Consistently and before anyone realizes.
Breadth
272 new highs
73 new lows
46% advancing 48% advancing
What stuck out?
Consumer Credit is getting maxed out. Below is a clip by Lending Club CEO touting their TAM (Total Addressable Market) from data showing maxed out consumer debt and record high revolving credit interest rates.
Here is the interest the government and we are paying on the national debt. This is not sustainable for a country or global reserve currency.
What to watch
Earnings
Fomc
Slew of data
10 YR / USD / BONDS /OIL
Friday 3:08 PM Charts below. You can see the selling pressure.
After hours #WSB reddit #yolo crew buying $AMC
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