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We Called It!

• ATLX -  “We reiterate our conviction and are layering in the $20 – 22 range”, with the stock trading as high as $28.35 (+37% spot return)

• SGML: “We think the market is massively overlooking this and think the asymmetric risk/return profile at ~$25 per share looks compelling and reiterate our long call” - +17% spot return

• SNX - Weekend Telegram play: we longed after the price broke above 3.02 and ran up to 3.736 for a massive 23.71% unleveraged up move !!

• BNB - Newsletter play that met our official short entry criteria last week. With an entry at 257.5, we have nuked down to 224 for a 13.01% unleveraged nuke !!

Macro Markets

There are no major macro events this week, so we will briefly recap FOMC minutes. We will have an extended breakdown next week for the Payrolls number. 

At their most recent meeting, the Fed expressed little urgency to raise interest rates again, even as they reiterated their willingness to tighten monetary policy further if new data warranted. Minutes from the Federal Open Market Committee’s November meeting, released on Tuesday, confirmed that all officials are still committed to proceeding “carefully” on future rate decisions as they debate whether they have squeezed the economy sufficiently to get inflation back down to the central bank’s 2% target.

The consumer price index for October fell to an annualized rate of 3.2% from 3.7% in the prior month, which some economists estimate will support further slowing in the core personal consumption expenditures price index, or core PCE, closely watched by the Fed as a more accurate measure of inflation.

As bets on the end of the Fed rate-hike cycle gather steam, investors have been shifting focus to the prospect of rate cuts in the first half of next year. Fed members, however, aren't too keen to endorse the prospect of sooner rather than later rate cuts.

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