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Today is Monday, August 12, 2024.

The Early Bird Index today is 66.69.

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Bitcoin's Potential Bottom

Bitcoin fell over 3% on Sunday as some traders and analysts believe the top cryptocurrency may have reached a key price level.

Details: According to Cointelegraph on Sunday, a recent Bitcoin metric suggests a “local bottom” for traders when the price is below $60,000. This means that Bitcoin's price action has shown signs of a potential bottom.

Definition: A local bottom refers to the lowest price for an investment within a certain period.

Price: Bitcoin is up about 2% in the last 30 days, hovering between $50,000 and $70,000 in value.

Final Thoughts: Bitcoin is up recently despite outflows from spot Bitcoin ETFs (exchange-traded funds).

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Notables

Notable Earnings Today: Monday.com (Nasdaq: MNDY), Rumble (Nasdaq: RUM), Esperion Therapeutics (Nasdaq: ESPR), KE Holdings (NYSE: BEKE), Ballard Power (Nasdaq: BLDP), DHT (NYSE: DHT), Adaptimmune Therapeutics (Nasdaq: ADAP), Arq (Nasdaq: ARQ), Barrick Gold (NYSE: GOLD), Beasley Broadcast Group (Nasdaq: BBGI), China Yuchai International (NYSE: CYD), Crescent Capital BDC (Nasdaq: CCAP), Double Down Interactive (Nasdaq: DDI), FreightCar America (Nasdaq: RAIL), Fortrea (Nasdaq: FTRE), Kodiak Gas Services (NYSE: KGS) PACS Group (NYSE: PACS), Perspective Therapeutics (NYSE American: CATX), Sun Life Financial (NYSE: SLF), Terawulf (Nasdaq: WULF), Orla Mining (NYSE: ORLA).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Jacu Coffee (Honeycomb), Immigrant Food (StartEngine), Earth's Echo Farm (Honeycomb), Incredible Tiny Homes (StartEngine).

Notable Economic Events Today: NY Fed 1-Year Consumer Inflation Expectations (11:00 a.m. ET), WASDE Report (12:00 p.m. ET), Federal Budget Balance (2:00 p.m.).

Disney’s New Theme Park Fun

To boost its struggling theme parks, Disney (NYSE: DIS) made several major announcements regarding new theme park attractions at the D23 convention this weekend.

Details: The new additions include a land themed around Disney villains and another based on Pixar's "Cars" movie. Disney's Hollywood Studios will introduce a "Monstropolis" land with a suspended coaster based on "Monsters, Inc." Additionally, Disney's Animal Kingdom will get an "Encanto" ride. Disneyland Resort in California will get new Marvel and Avatar attractions.

Background: During its recent earnings report, Disney's operating income decreased in its parks division.

Early Bird’s Nest Egg Gains: Fewer Americans are visiting theme parks in 2024.

• Many Americans are experiencing financial strain, particularly lower-income consumers, due to prolonged high inflation, which has reduced disposable income. 

• There is a shift in travel preferences, with higher-income consumers opting for international travel over domestic theme park visits. 

Final Thoughts: Disney’s stock is down nearly 5% this year.

Apple Survives Warren Buffett Scare

A week after it was reported that Warren Buffett sold about half of his Apple (Nasdaq: AAPL) shares, the stock jumped by 8%.

Final Thoughts: The stock is up about 16% this year.

Trends to Watch

Dispirited: US consumers could become discouraged without rate cuts, Bank of America CEO says (Reuters)

The Return: Bonds Are Back as a Hedge After Failing Investors for Years (Bloomberg)

Chaos: Volatility is the stock market's new normal (Business Insider)

The New Labor Market: Suddenly, Hourly Workers Aren’t So Hard to Find (Wall Street Journal)

Not in the Clear: Wall Street strategists warn market volatility is not over yet (Yahoo! Finance)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}

^{Past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd}