They Are Trying To Hide What’s Really Coming | Gareth Soloway
Many analysts and pundits have been calling for a downslide in the economy and the recently released job reports are right on target to support the consensus thesis. The economy added 315,000 jobs, which is slightly below the 318,000 predicted by the Dow Jones, but it’s well below the 526,000 jobs added in July and is the lowest number of jobs added since April of 2021. The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations, largely due to a gain in the labor force participation rate to 62.4%, tied for the highest level of the year… according to CNBC. Wages continued to rise, Average hourly earnings increased 0.3% for the month and 5.2% from a year ago, both 0.1 percentage point below estimates. The markets reacted with a slight downturn, as Bitcoin trades for $19,909.32, dow 1.2% in the past 24 hours and Ethereum is down just under 2% in the past 24 hours, trading for $1,561.66. The downturn in the economy, along with crypto is a combination we should expect, according to trader Gareth Soloway. But according to Garret, by the end of 2022, we should see big reversals crypto, specifically Bitcoin, as many will see Bitcoin as an asset that can combat the lack of options from the Federal Reserve. As a guest on the RICE TVx, Soloway discussed what he sees coming for Q4 and when he can expect to turn the corner toward bullish action.
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