DHUnplugged #662: The Bankruptcy Squeeze

X Platform is here. Or is it Platform X?

China economic condition is of interest.

Plenty of interesting earnings reports to discuss

The Fed lifts rates - how is that playing out?

Announcing a new Closest to The Pin!

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Warm Up

- X or EX? May be the start of something or maybe the end of something

- Saying goodbye to Pee-Wee

- Crazy Meme-type crowd buying again

- Sending big weapons package to Taiwan

- Big news on Mac and Cheese (follow up)

- The Bankruptcy Squeeze - fun market moves

Market Update

- July - great returns across the board

- UBER - first ever profit - but there is more to the story

- China markets are hot - but their economic condition is horrible

- Credit card fee fight - Big boys looking to stop bleed

- Fed lifts rates - once again can't help dovish talk

- Almost a record! DJIA

- Crude WTI at $82, 10Yr at 4.01%

- FITCH!

July Recap - Markets 

  July Snapshot

  Overview

DJIA Record - Almost

- Respectable run for 13 days straight days

- It missed the opportunity to tie its longest rally on record: a 14-session run in 1897.

- Since the Dow's inception in 1897, there have been nearly 33,000 trading days. In that time, we've seen a single 14-day streak of gains and two streaks that ended at 13 positive sessions in a row. Prior to this week, the last 13-day rally was in January 1987.

FED

- The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday and Fed Chair Jerome Powell said the economy still needed to slow and the labor market to weaken for inflation to "credibly" return to the U.S. central bank's 2% target.

- "The (Federal Open Market) Committee will continue to assess additional information and its implications for monetary policy,

- During the press conference, every-time he tried to have a hawkish moment - he pulled it back with a softening of the stance

FITCH

- United States ratings cut by Fitch to "AA+" from "AAA", reflects expected fiscal deterioration over the next three years, growing government debt, and erosion of governance related to peers

- In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025. The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management. In addition, the government lacks a medium-term fiscal framework, unlike most peers, and has a complex budgeting process.

X SIGN

- Twitter is now Platform X

-- Somehow this is going to become the platform for all things???

=== ELON put up a BIG lighted sign on roof of HQ - forced to rip it down after complaints

--- On Monday, CNBC saw workers dismantling the glowing X, removing its lights and an arm of the letter, after the construction drew several complaints from neighbors and city officials. The complaints said that it was unpermitted, is a nuisance and, in one complaint, that its flashing lights made it hard to sleep.

More Musk

- JCD - Pluralistic Article about Tesla's Dieselgate, and Musk lies

- https://pluralistic.net/2023/07/28/edison-not-tesla/#demon-haunted-world

Mega Millions

- Now over $1BILLION

--- If there is a grand-prize winner in Tuesdays's drawing, that player can choose to receive the $1.05 billion jackpot in installments or a lump-sum cash payment of $527.9 million, Mega Millions said

--- For most people that are playing - realize that about 40% goes to the government. So, you are sending the government 40% of every dollar you spend on lottery.

Uber