Mu

The kids (FTX) are singing like canaries…SBF on US soil. Try the Shrimp Scampi w/broccolini. Existing home sales – plunge…down 7.7% vs.

The market commentary is for informational purposes only and should not be deemed as a solicitation to invest or increase investments in BJAM products or the products of BJAM affiliates. Now add the juice of one lemon, ¼ c of white wine...(and a wine glass full for you) - turn heat up to high and let it reduce a little strain pasta - reserving a mugful of water - add pasta to sauté pan - mix and serve.....You may need to add back a bit of the pasta water to keep moist -as the pasta sucks up the juice.... Gold price is finding it difficult to make a decisive move in either direction and moving up and down in a tight range above $1,810. BJAM does not undertake to advise you of any change in its opinions or the information contained in this report. and what’s next – since he gave himself up to the FEDS – so that he can get ‘vegan’ meals in prison in the US….Even his lawyers are lawyering up as they look for a way to get the judge to grant him bail – allowing him to go home with Mommy and Daddy. This morning – US futures are down…..-just a bit….but that makes sense after yesterday’s move higher….Dow futures down 70 pts, S&P’s down 7, the Nasdaq down 20 and the Russell is down by 2. and that is casting a pall over the whole group (and the market)…. And then to fill up the airwaves – the conversation turned to SBF and the FTX drama…… Oil – marches higher…..US inventories shrink and now they tell us that Russian exports have declined…which makes no sense – since yesterday they told us that China (and India) are importing record amounts of Russian oil….in any event – yesterday we learned that US crude inventories fell by 5.9 million barrels – leaving us about 7% BELOW the 5 yr. This I think is a seminal moment for chips….this news is not new – why do you think the group is down? (headcount cut is a fancy way to say – they are throwing 4000 people out on the street) ….apparently there is a GLUT of memory chips (we know this) – in fact the worst glut in more than a decade (which is also confusing) – and that will make it difficult for them to return to profitability, but the CEO told us that the glut should peak in the coming quarter and then go into decline – helping to push their profits higher in the latter half of 2023….……when the news hit – after the market closed – the algos went to work – and MU came under pressure – trading down 2.8%......This morning – the stock is trading lower in the pre-mkt - quoted down by 3% - taking this stock down 47+% ytd…. [outlook](https://www.fxstreet.com/rates-charts/forecast) for 2023 – Amazing right?