Every Friday, I like to go over the predictions I made for the stock market — including earnings and what to expect from the CPI report for July 2021 — and boy was I wrong about this week.
On Monday, I said mid-August looked like it would be just another slow week in the stock market — at least on paper… and that investors should be prepared because I wasn’t buying that for a second.
Turns out, I should’ve bought it as it ended up being another boring summer week after all.
My expectations may have been a bit of wishful thinking… that we’d get some bigger daily moves and volatility back in the stock market, which I know is coming.
I have another report out Monday on the pending volatility explosion I see coming up soon, so be on the lookout for that!
But this wasn’t the week for that to happen, and my prediction for an active market ended up being way off base.
However, I made some key insights on earnings and the CPI report for July 2021 that was released this week — and they hit the nail on the head.
Key Earnings Takeaway and Insight Into the CPI Report for July 2021
On Monday, I said I was interested in seeing what the Coinbase Global Inc. (Nasdaq: COIN) quarterly report would look like — and it crushed earnings.
For the second quarter (Q2), Coinbase brought in about $2.2 billion in revenue — beating market expectations of $1.85 billion.
However, I noticed that COIN was getting a little ahead of itself and, even though the cryptocurrency market is back on fire, it was becoming toppy since it was trying to reach unsustainable highs…
Which was true, as COIN took a 5% nosedive two days after reporting.
The big takeaway from this report — and I even put out a watchlist alert for it — is that Ethereum is now the most traded crypto on Coinbase!
Guys, that means Ethereum is traded more than Bitcoin now… And it’s something every single trader on Wall Street needs to pay attention to.
However, it’s not the only thing investors need to start considering when trading in August: Don’t forget the tepid CPI report for July 2021.
The lack of reaction the market gave to the report is worrisome… and it means we need to start planning accordingly and immediately for the havoc that’s brewing in the background.
If you want to learn more about the CPI report for July 2021 — and what it means for the future of growth stocks — then make sure to watch the video below.
Be sure to share your thoughts in the comments section below.
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