Good Morning San Diago,
I am Rensole and this is your daily news.
Does anyone smell that?
*insert flashy intro card*
As always, It's ya boi, The RRP
Guangdong summons Evergrande boss
As always, we can't go one week without talking about our main contagion risk, Evergrande.
China's Guangdong province has summoned the chairman of Evergrande after they released a statement saying they no longer guarantee it could make good on it's bond payments.
Last friday the company said in a filing it had received demands from their creditors to pay an outstanding $260 million and it's already late on paying it's bonds that were due on November 6th, so today is the end of the grace period and let's see what happens.
The CHIPS act.
As most of you know, due to corona we are having a buttload of logistical problems. One of the bigger problems we are facing is a Chip shortage, as in todays world we use computerchips for everything, ranging from toasters to cars.
And well this specific shortage is a huge problem as means that due to a shortage in chips we are facing a shortage in new cars, phones, consoles you name it. so because of that Biden sees this as one of the biggest problems in the supply chain problems and so he's looking at bringing the CHIPS act in.
The Chips act would encourage Domestic (USA) semiconductor production and research, bringing the problem closer to home, and in turn being less dependant on outside forces (other countries) in its production.
The Biden administration wants to spend $52 billion on this act and are trying to get it implemented before christmas. Funding for the legislation passed the US Senate in June, but it hasn't been voted on in the House yet. The problem is that even if the funding does get through Congress, it will take years to build and fully scale up new computer chip factories.
The CPI
As most of us have seen in the most recent months the CPI is going up and up, even going as high as 6.2% for October, this week we should see the November CPI. this is due to be released on friday.
But due to the new Omicron variant rearing it's head a lot of people are speculating on this as... how heavy will this hit us? will it increase inflation? and if so, by how much?
Right now there is a lot of speculation on the CPI (ranging from yahoo to CNN and others) that the CPI could increase between 0.7% and 1% bringing it up to an estimated 6.9 or 7.2 respectively.
Marge Be calling
So this was one hell of a weekend, for the people who are in crypto will have noticed since friday it's been a hell of a dip we've experienced.
as we saw a massive downturn in the entire stock market last week and bitcoin even turned down to touch $42.000 on certain exchanges and man seeing that amount of fear across the web from the crypto gang was horrible.
As a lot of "news" websites are stating "they are not sure what caused this" I'm willing to stick my neck out and say that I do. As we saw the market turn down it's logical to assume that a lot of people are on a margin, be it a personal day trader, a hedge fund or a market maker, margin has almost never been as high as it is right now.
So what do I think happened? easy, people got margin called and they needed to pony up cash, and even though a lot of people will give crypto a hard time for being unregulated I believe it's for the same reason that a lot of people actually have it.
Now they needed cash, so they liquidate a portion of their crypto, which will most likely be in BTC or ETH, and if those slump the rest of the market follows.
I do have to give a huge shoutout to the r/dogecoin community for the positivity they have had throughout all of this, helping people mentally and emotionally who were having a rough weekend, and it's awesome to see people help others for no reason other than wanting to help.
Mark your calendars my friends
Now I couldn't go and sign of without mentioning my favorite stock now could I?
On December 8th Gamestop will be having it's 3rd quarterly results published after market close, there is also some speculation because of a "press conference" but do keep in mind this means the conference call they always have after dropping earnings, nothing special unfortunately.
As for announcements, expect none. The quarterly earnings look back on past events, not future. If Gamestop were to announce something new, they would make a special announcement.
Now.... they do have something new which has JACKED me
Astronaut Gamestop hoodies, for preorder with a launch date on 30-01-2022.
One year post "blip" and I have to give a shoutout to Maxinngang on twitter for bringing this to my attention. thank you dude!
EXCELLENT!
Be friendly, help others!
as always we are here from all different walks of life and all different countries.
This doesn't matter as we are all apes Equals here, and apes/whales are friends, big or small
Doesn't matter if you're a silverback a chimp a Shark or a whale.
We help each other, we care for each other.
Ape don't fight ape, apes help other apes (yes I'm keeping this one in)
this helps us weed out the shills really fast, as if everyone is helpful, the ones who aren't stand out.
Just be nice and lets make this community as Excellent as we can!
Remember none of this is financial advice, I'm so retarded I'm not allowed to go to the zoo 'cause they'll put me in the cage with the rest of my ape brothers. (yes I'm still into GME, but now I'm exploring options... yeah I'll show myself out)
backups:
https://twitter.com/unusual_whales
https://twitter.com/FNStonerman
https://twitter.com/Stephen_Netu
https://twitter.com/snorlax_uw
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