Gary Gensler Resigning?

352: Crypto Dominates, Trump Admin Progress

Morning everyone — been quite the week on the financial markets front with crypto taking the majority of my attention for obvious reasons — we’re printing.

The focus on the 2024 election has shifted for the public due to the pumps in financial markets, but quite a bit has happened just this week in terms of Donald Trump putting together his future cabinet and administration.

It’s evident that this isn’t going to be a re-run of his 2016 administration (we will talk through all recent appointments today).

If you guys missed the crypto post that dropped on Tuesday you can check it out below. We talk about how to approach the market as a beginner, what alts/meme coins I am looking at, Bitcoin dominance and cycle rotation and more. It was our top subscribed to post in 5 months.

One other thing — people keep sending me DMs etc. re: crypto. If you guys are wondering what to do, how you should approach the market right now, and which picks I am looking at — listen to the episode of Risk On above AND read this guide. There’s more than enough information to get you started and headed in the right direction for fat gains.

No crocodile tears when we pump much higher and people miss out. You got plenty of warnings.

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Financial Markets News

Headlines have been dominated by the crypto market that has surged substantially this week with Bitcoin tagging the $92K/$93K range and various meme coins like $PNUT (named after the dead squirrel) and $PEPE (listed on Coinbase and Robinhood) have ripped much higher.

In early trading on Thursday, November 14, 2024, stocks made modest gains across major indexes. The S&P 500, Dow Jones, and Nasdaq Composite all opened in positive territory. Disney shares surged over 6% after strong earnings, with success attributed to box office performance and subscriber growth.

ASML Holding NV also posted gains, providing positive sentiment within the semiconductor sector, while Tesla shares trended lower. Tapestry shares rose as the company announced the termination of its merger with Capri Holdings, whose shares, in contrast, saw a decline.

Jerome Powell said today that the Fed doesn't need to be 'in a hurry' to reduce interest rates given the state of the economy causing some market jitters later in the afternoon.

Investors are also closely watching a report on wholesale inflation anticipated later in the day, which could further influence market activity.

• Gary Gensler released a statement today suggesting he may be leaving the SEC — this would be a massive benefit for crypto and if it is confirmed would expect this to drive us higher though we may need to wait until January for confirmation. This may have to do with the fact 18 U.S. states are suing the SEC for "unconstitutional overreach and unfair persecution" of the crypto industry under Gary Gensler according to Fox Business and other reports

• October PPI inflation RISES to 2.4%, above expectations of 2.3% (Kobeissi Letter)

• $100 billion asset manager VanEck has said their Bitcoin price target for this market cycle is $180,000 (WatcherGuru)

• Franklin Templeton has expanded it’s $410M money market fund to the Ethereum Blockchain (TreeNews)

• Eleanor Terret reported on X that: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.

• Advance Auto Parts is set to close more than 700 locations to shore up the company’s finances following another terrible earnings report, this will impact up to 10,000 employees (MacroEdge)

• President-elect Trump said this week that JPMorgan CEO Jamie Dimon will not be a part of his administration (WatcherGuru)

• TSLA 0.00%↑ Tesla and Rivian, RIVN 0.00%↑ are down today along with other EV stocks after Trump mentioned plans to end the $7,500 EV credit

Call me crazy — but something appears to be up with Gamestop GME 0.00%↑ — call option activity is jumping and Unusual Whales reported on X today: BlackRock, BLK, has increased its holdings of GameStop, GME 0.00%↑ , by 42.67% in the third quarter. The filing showed a position of 32,241,728 shares in GME 0.00%↑ , which is 9,642,309 more than the previous quarter.

Renaissance Technologies was also flagged online as upping their shares. Good to keep an eye on this.

Chainlink has had some interesting updates amid this broader run despite the fact it is not moving at all — if you’re a marine you’re used to the pain by now. World Liberty Financial (WLFI), a newly emerging decentralized finance (DeFi) protocol backed by Donald Trump and his family, announced on Thursday that it will leverage Chainlink's data services to enhance its integration within the broader crypto ecosystem.

If you want a detailed breakdown of strategy and my thoughts on where we are in the cycle you can check out Tuesday’s post and the podcast. That being said — ETH is clearly a good move since sentiment is trash.Franklin Templeton announced expansion of their tokenized US Government money fund to the Ethereum blockchain this week.

Alts are beginning to show life, and we should hopefully see a rotation out of Bitcoin and into ETH/ALTs soon unless Bitcoin decides it wants to try and push $100K.

THAT is where the money is if you are sidelined or under-allocated.

As far as meme coins go:

• $PEPE was listed on Coinbase and Robinhood yesterday leading to an insane pump

• One of our subscribers mentioned $SHAMU early, a meme coin on Solana, that has now done +600% in 24 hours and reached $1M market cap

• $PNUT the meme coin named for the pet squirrel who was brutally taken from us has absolutely melted faces and defied all logic surging to $1.97 and hitting just shy of a $2B market cap

• While not a meme coin $XRP Ripple is beginning to move up, potentially due to the implications of a Gensler resignation

*Trade meme coins responsibly — they are incredibly risky

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Geopolitical News

This week Donald Trump met with Joe Biden at the White House. The outcome was pretty entertaining as Biden smiled, acted cordial, and took photos with Trump. Much to Democrat’s utter shock the whole thing seemed super pleasant — I seriously wouldn’t be shocked if Biden voted for Trump at this point. Crazy how the mood and sentiment shifts that quickly right?

Trump’s appointments for his next administration are causing widespread outrage on the left, as they seem to getting made with one thing in mind — draining the swamp in DC.

• The Onion has acquired Alex Jones' Infowars in a court ordered auction following the Sandy Hook trial

• The FAA has halted all flights to Haiti after gunfire hit three planes, marking a rise in violent incidents

• The CCP government has removed memorials following a recent car ramming attack in China that led to 35 deaths, amid growing public outrage.

• The U.S. has placed sanctions on a Rapid Support Forces (RSF) commander in Sudan over allegations of human rights abuses in Darfur.

• France has taken a firm position at COP29, with criticism directed at Azerbaijan’s President over recent territorial comments.

• Australia plans to open a new mega airport, West Sydney International, in 2026 to strengthen its role as a major international gateway

• Argentina is revisiting its economic policies, focusing on lowering inflation and attracting foreign investment

• Verizon is reportedly down in parts of U.S. (Insiderpaper)

• Venezuelan gang TDA (Tren De Aragua) is now reportedly operating in "every city in Tennessee"

• Secretary of State Antony Blinken said this week that "every dollar we have at our disposal will be pushed to Ukraine between now and January 20th" when Trump becomes president.

There’s a clear effort by the media and establishment politicians to try and work against or subvert the incoming administration. This should come as no suprise given that’s what they have been doing for years now. This week

President elect Donald Trump has been making shockwaves with his recent appointments to his new cabinet and administration. It’s clear that the deep state/blob/uniparty is in for a rough time. Accountability is coming to many federal agencies, branches, and administrations.

The individuals that Trump is selecting suggest they are being chosen for one reason — to purge the corruption and bureaucracy within our government. Take Tulsi Gabbard for instance, who was just nominated to be Director of National Intelligence. She was put on the TSA's Quiet Skies program, which is a suspected terrorist watchlist for her support of Trump over the last few years.

I am sure she will be looking for some retribution.

Trump Appointments So Far

• Tulsi Gabbard as Director of National Intelligence

• Susie Wiles, co-chair of Trump’s 2024 campaign, is set to make history as the first female White House Chief of Staff

• Kash Patel seems to be confirmed as FBI Director for Trump (this dude is epic, you can see him on the Shawn Ryan show)

• Trump is expected to select Robert F. Kennedy Jr. to lead the (Department of Health and Human Services) HHS - (Politico/InsiderPaper)

• Kristi Noem, Governor of South Dakota, as Secretary of Homeland Security

• Former ICE Director Tom Homan will take on the role of "Border Czar."

• Former U.S. Trade Representative Robert Lighthizer is anticipated to shape trade policy as "Trade Czar."

• Elon Musk and Vivek Ramaswamy have been tapped to spearhead a new Department of Government Efficiency

• Pete Hegseth is Trump's pick for Defense Secretary

• Alina Habba, Trump’s personal lawyer, is a leading candidate for Press Secretary

• Trump has officially named Marco Rubio as Secretary of State

• Trump has picked Matt Gaetz as Attorney General — this is going to cause some serious drama as Gaetz looks to hold individuals accountable for their actions over the past several years

This is a serious group of folks and it’s clear that Trump isn’t fucking around. As we approach January and the certification I expect more games to be played and maybe a few surprises.

Corrupt bureaucrats and officials who have gotten away with bullshit for years now know that those days are coming to an end and they are sure to scramble for exit plans and immunity where possible.

That’s all I have for this week — got a dope episode of Risk On coming next week with a former Special Forces bro turned political commentator that should be a good time — remember to leave a review on Spotify if you guys enjoyed this week’s episode.

See you next week — check in on the Substack live chat for meme coin talk, content, and markets news as well.

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