Summing Up The Week

Despite President Donald Trump returning to tough talk on tariffs at the start of the week, the bullish animal spirits took over with stocks recovering from Monday’s initial pullback. The release of the Federal Reserve’s May meeting minutes helped support the rally on Wednesday as the FOMC continues to discuss the possibilities of rate cuts coming soon.

However, Trump returned to firing off his tariff cannon on Thursday, announcing that he would impose an additional 35% on Canada which caused a bit of a pullback on Friday.  All in all, it was an exciting week given the lack of any planned catalysts.

Let’s take a look at the news that moved markets this week…

Market News

Trump’s Tariff Tirade Troubles Markets

On Sunday, President Donald Trump announced that he would be pushing back the trade talk deadline to August 1 at which point April’s tariff rates would kick in for any country not in talks. This news sent the stock market futures lower over fears that the exorbitant tariff rates are obviously still on the table.

On Monday, Trump announced that he would add an additional 10% tariff with any country that aligned itself with the “Anti-American policies of BRICS,” the alignment of emerging market countries including Brazil, Russia, India, and China.

On Monday, Treasury Secretary Scott Bessent tried to calm markets by saying several trade announcements were coming soon, however stocks remained lower, reported CNBC.

During an interview on CNBC’s “Squawk Box,” Bessent said that there would be announcements within the following 48 hours and added that he expected “it’s going to be a busy couple of days.” However, without specific details the markets remained skeptical with stocks remaining under selling pressure.

The Fed continues to consider rate cuts

On Wednesday, the minutes from May’s Federal Reserve meeting showed the FOMC still considering rate cuts later this year, reported MarketWatch. This news should come as a surprise to no one paying attention to markets. Several voting members of the Fed have been touting the need for rate cuts soon in media appearances.

The market didn’t need an excuse to maintain its bullish momentum, but stocks did rally quite a bit on Wednesday (although I think that move had little to do with this news).

Trump announces 35% tariff on Canada, topples markets

On Thursday evening, President Trump announced a 35% tariff on Canada with additional higher tariffs possible across the board, reported CNBC. The markets had been holding up remarkably well throughout the week until this news broke which stopped the rally and sent stocks lower at the open on Friday.

“Instead of working with the United States, Canada retaliated with its own Tariffs,” Trump said to Mark Carney, Prime Minister of Canada, in a post on Truth Social. “If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter.”

The 35% tariffs will be separate from all sectoral tariffs, Trump said, warning that the duty might be increased, if Canada retaliated. Canada is subject to Trump’s 50% tariffs on steel and aluminum imports, 25% tariffs on autos, and faces a 50% levy on copper shipments starting August 1.

Responding to Trump’s announcement, Carney said in a post on X that “Canada has made vital progress to stop the scourge of fentanyl in North America. We are committed to continuing to work with the United States to save lives and protect communities in both our countries.”

Carney went on, “The Canadian government has steadfastly defended our workers and businesses. We will continue to do so as we work towards the revised deadline of August 1.”

Next Week’s Gameplan

EARNINGS SEASON RETURNS! Yes, believe it or not, Earnings Season is already upon us with companies reporting their quarters starting next week. Here are the holdings from my portfolios reporting next week:

• JPMorgan (JPM): Tuesday Before Market Open (BMO)
• Morgan Stanley (MS): Wednesday BMO
• Crown Castle (CCI): Wednesday After Market Close
• Johnson & Johnson (JNJ): Wednesday AMC
• PepsiCo (PEP): Thursday BMO
• Schwab (SCHW): Friday BMO

In addition to earnings, we’ve also got news catalysts on the way. On Tuesday, we get the Consumer Price Index (CPI) followed by the Producer Price Index (PPI) on Wednesday. Both the CPI and PPI are viewed as significant inflation gauges and have the potential to move the markets if they surprise positively or negatively.

On Thursday, we get a variety of economic indicators including retail sales and the Home Builder Confidence index. On Friday, we get the Consumer Sentiment numbers for July which could provide insights into whether or not the consumer is remaining strong.

So, next week could be another big mover and I’ll meet you back here next Friday to talk about it!

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Crytpo Corner

Bitcoin Price Action

From Boom to Moon: Is This Bitcoin’s Last Dance or First Step?

After making a higher weekly-low last Friday at $107,268.84, Bitcoin broke out made a new all-time high at $118,909.74 on Friday. All of this price action is incredibly bullish, even with Bitcoin consolidating for much of the past week.

Price consolidation can often feel boring as an asset trades in a tighter and tighter range, however it’s a necessary evil – consolidations allow an asset to burn off overbought levels, allowing the market to digest large moves before continuing higher as was demonstrated here.

The Bullish Case

Bulls once again maintain the narrative with a new all-time high being one of the most bullish signs, of course. Some Bulls are predicting we’ll see $125K within the next week, and the way Bitcoin’s acting, I actually wouldn’t be that shocked!

The Bearish Case

Bears once again are left licking their wounds. When Bitcoin briefly contended with the $12K mark, some Bears were arguing we had just seen a double-top and Bitcoin would roll over hard. Nope. Most of the wiser Bears have gone into hibernation for the moment. With the stock market, precious metals, and crypto all rallying, any Bear dumb enough to argue this price action is fighting the market, and we never, ever fight the market.

Bitcoin Trade Update

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Not Your Keys, Not Your Crypto…

In light of brokerage failures in 2022, I no longer keep any of my crypto on an exchange and I only keep enough USD on the exchanges I use to execute my next few buys. I use multiple cold wallets from the brands Ledger and Trezor to hold my crypto (click the links to access the direct sites, and I receive no affiliate benefits from these links).

Additionally, I have now divided my allocated USD between two different exchanges – Gemini and Coinbase – in case one (or both) becomes insolvent. Disclaimer: We both receive a bonus if you use my Gemini referral link to open an account.

I do not trust anyone in the space, even with Coinbase (COIN) being publicly traded (and one of my own Investments in Play positions).

No price target is unrealistic in the cryptocurrency space – Bullish or Bearish.

While traditional stock market investors and traders may think the price targets in the cryptocurrency space are outlandish due to the incredible spread (possible moves include drops of -90% or more and gains of +1000% or more), Bitcoin has demonstrated that, more than any speculative asset, its price is capable of doing anything.

Here are some of Bitcoin’s price movements over the past couple of years:

• In 2017, Bitcoin rose +2,707% from its January low of $734.64 to make an all-time high of $19,891.99 in December.
• Then, Bitcoin crashed nearly -85% from its high to a December 2018 low of $3128.89.
• In the first half of 2019, Bitcoin rallied +343% to $13,868.44.
• In December, Bitcoin crashed -54% to a low of $6430.00 in December 2019.
• In February 2020, Bitcoin rallied +64% to $10,522.51.
• In March , Bitcoin crashed nearly -63% to a low of $3858.00, mostly in 24 hours.
• Then, Bitcoin rallied +988% to a new all-time high of $41,986.37 in January 2021.
• Later in January 2021, Bitcoin dropped -32% to a low of $28,732.00.
• In February, Bitcoin rallied +103% to a new all-time high of $58,367.00.
• Later in February, Bitcoin dropped -26% to a low of $43,016.00.
• In April , Bitcoin rallied +51% to a new all-time high of $64,896.75.
• In June , Bitcoin crashed -56% to a low of $28,800.00.
• In November, Bitcoin rallied +140% to a new all-time high of $69,000.00.
• In November 2022, Bitcoin crashed -78% to a low of $15,460.00.
• In April 2023, Bitcoin rallied +101% to a high of $31,050.00.
• In June, Bitcoin dropped -20% to a low of $24,750.00
• In July, Bitcoin rallied +29% to a high of $31,862.21.
• In September, Bitcoin dropped -22% to a low of $24,900.00.
• In January 2024, Bitcoin rallied +97% to a high of $49,102.29.
• Later in January, Bitcoin dropped -22% to a low of $38,501.00.
• In March, Bitcoin rallied +92% to a new all-time high of $73,835.57.
• In August, Bitcoin dropped -33% to a low of $49,050.01.
• In January 2025, Bitcoin rallied +150% to a new all-time high of $109,358.01.
• In April, Bitcoin dropped -32% to a low of $74,420.69.
• In May, Bitcoin rallied +51% to a new all-time high of $112,000.00.
• In June, Bitcoin dropped -12% to a low of $98,247.01.
• In July, Bitcoin rallied +21% to a new all-time high of $118,909.74.

Where will Bitcoin go from here? Truly, anything is possible…

What if Bitcoin’s headed to zero?

DISCLAIMER: Anyone considering speculating in the crypto sector should only do so with funds they are prepared to lose completely. All interested individuals should consult a professional financial adviser to see if speculation is right for them. No Get Irked contributor is a financial professional of any kind.