In today’s briefing:
- SPX Trendline to Define
- No Worry, DCG, Genesis, and Grayscale Won’t Cause Another Crash in the Crypto Market
- The Return of the Bulls
- Stanley Black & Decker Inc.: Initiation of Coverage – New Launches & Other Drivers
- The Commodity Report #86
- Fastenal Company: Initiation of Coverage – Financial Forecasts
- Stanley Black & Decker Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
SPX Trendline to Define
- Adjusted our SPX resistance level given overshoots with a focus on SPX futures trendline at 4,080 and price pivot at 4,100.
- We will take this week to measure overbought conditions and sentiment. Near term upside risk to SPX trendline that defines the LT trend.
- We have not given up on our macro bear cycle as long as trendline caps. Fine tuning top signals is the chore at hand.
No Worry, DCG, Genesis, and Grayscale Won’t Cause Another Crash in the Crypto Market
- DCG’s subsidiary Genesis is likely to become the next insolvent crypto lender, market fears its failure will lead to the dissolving of Grayscale, which held 3% of bitcoin’s total supply;
- Grayscale is a profitable business with $200 million annual fee income from the GBTC trust, DCG or any new buyer of Grayscale has no intention to dissolve the cash cow;
- Even if Grayscale dissolve, it won’t cause another crash as only $1 billion value of bitcoin may be dumped into the market, only 3.3% of bitcoin daily trading volume;
The Return of the Bulls
- Price Movements: Bullish sentiment has returned to crypto, with BTC up 20% over the past week.
- Market Liquidity: Binance.US’s market share relative to other U.S. exchanges climbed to 15%, a marked increase after dropping to 6% post-FTX.
- Derivatives: BTC open interest fell sharply after a short squeeze caused millions in liquidations.
Stanley Black & Decker Inc.: Initiation of Coverage – New Launches & Other Drivers
- This is our first report on Stanley Black & Decker, one of the largest global manufacturers of tools and engineering systems catering to a wide variety of industries.
- The company delivered an all-around beat in its last result and has been making significant progress toward narrowing its focus and overhauling its supply chain in recent times.
- We initiate coverage on the stock of Stanley Black & Decker with a ‘Hold’ rating.
The Commodity Report #86
- Commodity trading houses have shown a stunning performance since 2020.
- So far, there are only a few arguments for why this should change in the near future.
- But also precious metals miners are shining – nevertheless, they have quite some performance to pick up compared to other miners as well as the broad commodity market.
Fastenal Company: Initiation of Coverage – Financial Forecasts
- This is our first report on Fastenal, a major wholesale distributor of industrial and construction supplies.
- The company delivered a strong performance in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.
- We initiate coverage on the stock of Fastenal Company with a ‘Hold’ rating.
Stanley Black & Decker Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Stanley Black & Decker one of the largest providers of tools and engineering systems across the world and caters to a wide variety of industries.
- The company has seen significant progress toward narrowing its focus and overhauling its supply chain in recent times.
- We also have a dedicated analysis of the company’s Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.
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