Positioning: 2022 Tax Loss Selling & Trimming 2022 Winners – Bitcoin (BTC/USD), Salesforce (NYSE:CRM)

Good Morning all!

The demand for housing continues to fall. In the final week of 2022, mortgage applications fell 42% year over year.

Prices as of 4pm EST 1/3/23; % YEAR-ROUND

MARKET UPDATE

positioning

• A lot of tax losses sold late last year

• Lots of power trim in early 2023

• S&P 500 Energy Sector was the only positive sector in 2022, up 59%

10 a.m. U.S. Manufacturing ISM

2:00 p.m. FOMC December meeting minutes

Crude Oil 74.90 -2.7%

Warm weather hurts heating needs, but……

XOP = Spider S&P Oil & Gas Exploration & Production ETF

China

• More property support measures have been announced to ease liquidity stress on developers who are too big to fail

• China will start importing coal from Australia again

• Ant Group approved Jack Ma’s 10.5 billion yuan fundraising plan

Labor shortages in non-tech

• Wall Street Journal article about Domino’s and Pizza Hut

• Driver shortages cause long waiting times, frustrate customers and cost them sales

• Pizza delivery people earn an estimated $38,000 annually

Tech layoffs continue

Income None

CRYPTO UPDATE

SBF pleads not guilty

• Pleads ‘not guilty’ to fraud and conspiracy charges.

• Ayfkm?

• Then what did he apologize for?

• Will appear in court in October

Fund flows for digital assets

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