St. Louis Cardinals’ Kolten Wong removes his batting gloves after striking out with the bases loaded … [+] to end the eighth inning of a baseball game against the Kansas City Royals Wednesday, Aug. 26, 2020, in St. Louis. (AP Photo/Jeff Roberson)
While few baseball players spend their entire career with one team, Kolten Wong seemed like a good fit as a potential lifelong member of the St. Louis Cardinals.
The second baseman was the Cardinals’ first-round draft pick in 2011 from the University of Hawaii. Two years later, he was in the major leagues and part of a team that reached the World Series.
Wong eventually settled in as a regular, and the Cardinals signed him to a five-year, $25 million contract prior to the 2016 season. He was a steady if unspectacular performer while helping St. Louis to five postseason appearances in eight years.
Wong seemingly got a little better each season and became a slightly better than league-average offensive performer. He won his first National League Gold Glove last season and is one of three finalists for the award again this year.
Wong became a fan favorite. At just 5 feet 7 inches and 185 pounds, he was the type of player with whom the everyman could identify. Wong also developed into a leader in the clubhouse and a go-to guy for the media when reporters needed to ask big-picture questions.
Yet Wong is no longer a Cardinal.
The team announced Wednesday that it had declined its $12.5 million option on his contract for 2021. Instead, the Cardinals paid Wong a $1 million buyout and allowed him to become a free agent.
The Cardinals’ president of baseball operations, John Mozeliak, would not rule out a reunion at a lower salary, but the fact that the team said goodbye to Wong is the first concrete sign that the free-agent market is going to be very chilly this winter.
Players began filing for free agency Wednesday, a day after the World Series ended, and can begin signing contracts with teams Sunday.
The general expectation among club executives, agents and players has been that dollars will be tight.
Commissioner Rob Manfred claims Major League Baseball’s 30 teams lost $8.3 billion in revenue during the shortened 2020 season because games were played without fans during the Covid-19 pandemic.
Gone was money generated by ticket sales, concessions and parking. The owners have attempted to make up for the shortfall by either jettisoning or furloughing large numbers of employees on both the baseball and business sides of their operations.
The Cardinals, one of the sport’s higher-revenue franchises, showed Wednesday that they are in cost-cutting mode by not exercising their option on Wong.
Wong will likely be replaced at second base by utility player Tommy Edman. Not having the major league service time necessary for salary arbitration, Edman will make close to the minimum salary next season. The minimum salary was $563,000 this year and is subject to a cost-of-living increase in 2021.
Whatever the minimum winds up being in 2021, it is certain that more players will have salaries closer to that than the $12.5 million Wong could have made.
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Author: John Perrotto
Tesla meets crypto as FTX launches fractionalized stock trading
Major cryptocurrency derivatives exchange FTX has launched trading in “fractional stocks offerings” — tokenized products representing the shares of global firms.
The products were launched on Oct. 29 in partnership with German-licensed investment Firm CM-Equity and tokenization firm Digital Assets AG.
More than one dozen equity and crypto pairings are available for trade on FTX, including fractionalized Tesla (TSLA), Apple (APPL), and Amazon (AMZN) derivatives.
Fractionalized ownership lets the derivatives be broken down into smaller sizes than whole units, allowing retail traders to speculate on expensive stocks like Tesla’s with less capital.
“These products demonstrate a powerful future, in which assets are digitized and traders have unlimited creative potential to express their beliefs about the markets,” said Sam Bankman-Fried, FTX’s chief executive.
“Both crypto trading and equities trading have been steadily attracting a wider audience with new market participants coming in. These fractional stock products reflect the reality that today’s traders are industry and sector spanning and want trading opportunities that fully match their interests and mindset.”
Traders based in the United States and other jurisdictions restricted by FTX will not be eligible to access the exchange’s fractionalized equity products.
FTX bases its operations from Hong Kong, but is owned by its Antigua and Barbuda-based parent-company FTX Trading Limited.
The Biggest Jump in US GDP Ever – Forex News by FX Leaders
The US economy posted the biggest contraction ever in Q2, with lock-downs delivering a bigger blow than the 2008-09 crisis. However, it was revised higher from around -32.9% to -31.4%. Q3 was expected to be really good, which it was, with the US GDP report posting a 33.1% expansion last quarter. So, the US economy is almost back on track, unlike the Eurozone, which is heading for another recession, as coronavirus measures increase. Below is the US GDP report:
- US Q3 advance GDP +33.1% vs +32.0% expected
- Best US quarter on record (following the worst quarter)
- Q2 was revised higher again from -31.9% to -31.4%
- GDP excluding motor vehicles +26.3% vs -29.0%
- Personal consumption +40.7% vs +38.9% expected
- GDP price index +3.6% vs +2.9% expected
- Core PCE QoQ +3.5% vs +4.0% expected
- Inventories added 6.62 pp to GDP
- Business investment +20.3% vs -27.2% prior
- Business investment in equipment +70.1% vs -35.9% prior
- Exports +59.7% vs -64.4% prior
- Imports +91.1% vs -54.1% prior
- Inventories added 6.62 pp to GDP
- Home investment +59.3% vs -35.6% prior
- Business investment in structures -14.6% vs -33.6% prior
- GDP YoY -2.9%
These are all breath-taking numbers, but they were largely expected. The consumption number stands out as a pleasant surprise, but the business investment number is marginally negative, especially since those high investments in equipment were partly due to one-off COVID-19 changes (like installing dividers).
For some perspective on where we stand; this rebound erases about two-thirds of the total decline, and it will probably take into 2022 to erase it all, especially since this quarter is looking increasingly dim. Four-quarter GDP is down by 2.9%, which is much better than we thought it would be five months ago, but on the other hand it is comparable to -3.9% at the depths of the great recession.
BTC Indicators Signal Risks Of Extended Downside Correction
The BTC indicators signal risks of extended downside correction as the price is down by about $500 from the $13,850 swing high against the US dollar. The number one cryptocurrency is showing bearish signals and it could even drop below the $13,000 support as we are about to see in today’s bitcoin news.
Bitcoin failed to stay above the $13,500 support and dropped below $13,200. The price is now consolidating near the $13,200 and the 100 hourly simple moving average. There’s a key contracting triangle forming with support of the $13,220 on the hourly charts of the pair. The pair will resume its decline below the $13,200 and the $13,100 in the near-term. Bitcoin’s price traded to a new monthly high of $13,850 before starting a major downside correction as the cryptocurrency broke the key $13,500 support level to move into the short-term bearish zone.
The drop gained pace below the $13,200 level and the 100 hourly simple moving average and the price even spiked below the $13,000 level and traded at $12,899. There was a recovery wave above the $13,000 and the $13,100 levels. The price traded above the 23.6% fib retracement level from the recent decline from the $13,850 high to the $12,899 low. Bitcoin is consolidating near the $13,200 and the 100 hourly simple moving average with a key contracting triangle forming with support at $13,200 with risks of fresh drops. BTC indicators signal a downside movement again with the major support being near the $13,000 level. If the bulls fail to defend the support level, it could open the doors for an extended downside correction to the $12,600 level or the $12,500 in the upcoming sessions.
If Bitcoin stays above the $13,200 support level, it could clear the triangle resistance close to the $13,315 level. The next key resistance is set at the $13,375 level with the close of the 50% fib retracement level of the recent decline from $1,850 high to $12,899 low. the main hurdle for the bulls is near the $13,500 level above which the price will restart the rally and could revisit the $13,850 high again. The hourly MACD will move into the bearish zone while the hourly RSI is well below the 50 levels.
Author: By TeamMMG
Diamonds Trading Signals Summary – Friday, October 30 2020
How does after spike forex news trading work?
The Decline in Gold is Strong, With Smaller MAs Turning Into Resistance – Forex News by FX Leaders
Gold has been really bullish this year, due to the coronavirus and the economic meltdown that followed, but the situation changed in the first week of August, when it made a swift reversal down. The decline took place in steps, as it normally does.
The first decline came in early August, then we saw a consolidation until the middle of September, when the second bearish wave came. But, the decline stopped at the 100 daily SMA, as I pointed out yesterday and gold was retracing higher until yesterday.
Yesterday the third wave of the decline came, as the USD surged higher. The 100 SMA was broken on the daily chart, which opened the way for further losses. On the H1 chart, we see that the price retraced higher yesterday, but the retrace ended at the 20 SMA (gray) on the H4 chart and the decline resumed after a doji candlestick up there, which is a bearish reversing signal.
This shows that the pace of the decline is quite strong, when the smaller moving averages turn into resistance. We had a winning forex signal yesterday, but missed the chance to sell the retrace at the 20 SMA today, since the reversal came early in the morning. But, we will see if there is another retrace higher, so we can go short again.