Business
What's going on with inflation and economic growth? No one knows really. July CPI inflation data points to a slight moderation in YoY growth. Consumer sentiment is waning in the face of the delta variant. Melting together with a successful bond auction this week, the 10 year treasury yield bounced before returning to 1.29%. And so we observe lower highs on the way down within a predictable range.A guy from the Macro Voices podcast from the Economic Cycle Research Institute echoes Raoul Pal, predicting slower than expected growth based on industrial data. Which could set the stage for a correction (~10% drawdown) later on. Maybe.But forget that for a second. Greg plagiarizes Carter Worth, who eyes a Fibonacci retracement in XBI (Biotech) as a buying opportunity. To quote the venerable Carter, it's gotten so bad it's good. But just to make it interesting, Greg buys LABU again (triple leveraged bull XBI).Finally we return to Ethereum, where upward price action has defied gravity. RSI suggests we are still overbought. And if recent history is any indication, we might be on the doorstep of a pullback. But where is support now? Our guess...somewhere around ~2,600.And just for fun, Bitcoin!