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Bitcoin’s buying and selling motion recently is wild even by crypto’s requirements and the drama shouldn’t be over but

Bitcoin is still in double-digit intraday movement after briefly halving its value last week, and Wall Street strategists say this insane run won’t be over anytime soon.

It was a rude awakening for Bitcoin investors who thought they could handle the crypto volatility. The world’s largest digital currency suffered a 30% daily decline last Wednesday, dropping to around $ 30,000 apiece. It wasn’t until mid-April that Bitcoin hit a record high of USD 64,829. The turbulence was dramatic even by crypto standards. The last time Bitcoin saw a drop of this magnitude was in March 2020 at the height of the Covid pandemic. And even then, trading wasn’t that annoying.

According to Coin Metrics, Bitcoin experienced 14 days of failure in May alone. So far this year there have been 39 days of daily fluctuations of 5% or more in either direction based on Bitcoin’s closing prices. There were a total of 42 such days in 2020.

While the digital token quickly rebounded over $ 39,000 in price on Monday, rising 20% ​​in price, heightened regulatory pressures as well as the technical picture point to wilder trading, strategists said.

“The drubbing that cryptocurrencies have received over the past two weeks is just a taste of what’s to come,” Peter Berezin, chief strategist at BCA Research, said in a note. “The crypto markets will continue to face tighter regulation … In the near future, the pain in the crypto markets could weigh on other speculative assets such as technology stocks.”

The recent fluctuations were due to increased government scrutiny in the US and abroad. The Federal Reserve is due to issue a paper shortly setting out its own research into the central bank’s digital currencies space. In the meantime, the Chinese authorities have promised to take action against the mining and trading of cryptocurrency.

Elon Musk, a proponent of the cryptocurrency, also made a sort of 180 on Bitcoin when he announced that the electric automaker had suspended vehicle purchases with the asset, citing environmental concerns about what is known as the computational mining process.

“Bitcoin remains weirdly volatile,” said Adam Crisafulli, founder of Vital Knowledge. “The economic benefits of nothing are shifting so quickly.”

Bitcoin’s 31.1% intraday decline was the cryptocurrency’s fourth-largest decline in history, according to Cornerstone Macro.

Momentum signals remain “problematic”

On the positioning of Bitcoin futures, JPMorgan analysts believe the worst correction is not yet in the rearview mirror.

Momentum traders have scaled back their Bitcoin futures bets after failing to break above $ 60,000, which made sentiment bearish and caused further position settlement, according to the Wall Street firm.

“Despite the rebound in prices to around $ 40,000, the momentum signals, and in particular the longer lookback period as a signal, remain problematic,” said Nikolaos Panigirtzoglou, managing director of JPMorgan, in a note. “It is too early to say the end of the recent Bitcoin downtrend.”

Carter Worth, chief market technician at Cornerstone Macro, said there are interested sellers waiting at the $ 42,000 level, and that high overhead offering will make it hard for Bitcoin to reach and exceed that level. In the meantime, buyers who have pulled at their recent lows will sell if the price rises too much, he said.

“It sold on its trend line,” Worth said. “Every step was technical.”

Repetition of the lows of the last week possible

Many believe investors shouldn’t be surprised if Bitcoin is sold again soon to retest last week’s lows.

“A possible re-test or even a modest drop below the lows of last week in the near future is quite possible due to China’s crackdown on digital assets and the regulatory overhang in the US,” said Julian Emanuel, chief strategist for stocks and derivatives at BTIG.

Still, Emanuel believes that further downside volatility would be a buying opportunity. He set his Bitcoin year-end goal at $ 50,000.

– CNBC’s Nate Rattner and Michael Bloom contributed to this story.

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Health

Specialists Urge Air High quality Requirements as Safeguard Towards Coronavirus

Clean water in 1842, food safety in 1906, ban on leaded paints in 1971. These sweeping public health reforms have changed not only our environment but also expectations of what governments can do.

According to a group of 39 scientists, now is the time to do the same for indoor air quality. In a sort of manifesto published Thursday in Science magazine, researchers called for a “paradigm shift” in the way citizens and government officials think about the quality of the air we breathe indoors.

The timing of the scientists’ call to action coincides with the large-scale reopening of the country as coronavirus cases drop sharply: Americans are about to return to offices, schools, restaurants, and theaters – exactly the kind of crowded indoor spaces that the coronavirus is thought to thrive.

There is little doubt that the coronavirus can linger in the air indoors and soar well beyond the recommended six-foot distance, the experts said. The accumulated research places policymakers and civil engineers under an obligation to provide clean air in public buildings and to minimize the risk of respiratory infections.

“We expect clean water from the taps,” said Lidia Morawska, group leader and aerosol physicist at the Queensland University of Technology in Australia. “We expect clean and safe food when we buy it in the supermarket. We should also expect clean air in our buildings and in all common spaces. “

Fulfilling the group’s recommendations would require new workplace air quality standards, but the scientists claimed that remedial action needn’t be onerous. Indoor air quality can be improved with a few simple fixes: adding filters to existing ventilation systems, using portable air purifiers and ultraviolet lights – or just opening windows where possible.

Dr. Morawska led a group of 239 scientists who last year called on the World Health Organization to recognize that the coronavirus can spread in tiny droplets, or aerosols, that drift through the air. WHO had insisted that the virus only spread in larger, heavier droplets and by touching contaminated surfaces, which went against their own 2014 rule of assuming that all new viruses are in the air.

The WHO admitted on July 9th that aerosol transmission of the virus could be responsible for “Covid-19 outbreaks that have been reported in some closed settings, such as in a public house. For example, in restaurants, night clubs, places of worship or workplaces where people may shout, speak or sing ”, but only at a short distance.

The pressure to take measures to prevent airborne spread has increased recently. In February, more than a dozen experts requested the Biden administration to update workplace standards for high-risk environments such as meat packers and prisons where Covid outbreaks were widespread.

Last month, a separate group of scientists detailed 10 lines of evidence demonstrating the importance of indoor air transmission.

On April 30, the WHO pushed forward and allowed aerosols to “float in the air or move more than 1 meter (long range)” in poorly ventilated rooms. The Centers for Disease Control and Prevention, which were also slow to update their guidelines, realized last week that the virus can be breathed indoors, even if a person is more than three feet from an infected person.

“You have ended up in a much better, more scientifically feasible place,” said Linsey Marr, Virginia Tech airborne virus expert and signatory of the letter.

Updated

May 17, 2021 at 11:35 a.m. ET

“It would be helpful if they ran a public service messaging campaign to promote this change more widely,” she said, especially in parts of the world where the virus is soaring. For example, in some East Asian countries, stacked toilet systems could transport the virus between the floors of a multi-story building, she noted.

Further research is also needed to determine how the virus moves indoors. Researchers at the Department of Energy’s Pacific Northwest National Laboratory modeled the flow of aerosol-sized particles after a person in a three-room office with a central ventilation system had a five-minute coughing fit. Clean outside air and air filters reduce the flow of particles in this room, the scientists reported in April.

A rapid exchange of air – more than 12 in an hour – can move particles into connected rooms, just as second-hand smoke can pour into lower levels or nearby rooms.

“A lot more ventilation is a good thing for the source room,” said Leonard Pease, chemical engineer and lead author of the study. “But this air goes somewhere. Perhaps more ventilation is not always the solution. “

In the United States, the CDC’s license can cause the Occupational Safety and Health Agency to change its air quality regulations. Air is harder to hold and clean than food or water. However, OSHA already prescribes air quality standards for certain chemicals. The guide for Covid does not require ventilation improvement except in healthcare.

“Ventilation is really part of the approach OSHA takes to all airborne hazards,” said Peg Seminario, who served as the AFL-CIO’s director of safety and health at work from 1990 until her retirement in 2019 these approaches should apply to the air. “

In January, President Biden instructed OSHA to issue temporary emergency guidelines for Covid by March 15. OSHA missed the deadline, however: the draft is reportedly under review by the White House regulator.

In the meantime, companies can do as much or as little as they want to protect their workers. Citing concerns about the continuing shortage of protective equipment, the American Hospital Association, an industry trade group, endorsed N95 respirators for healthcare workers only during medical procedures known to produce aerosols or when in close contact with an infected person Patients have. These are the same guidelines that the WHO and CDC offered at the start of the pandemic. Face masks and plexiglass barriers would protect the rest, the association said in a March statement to the House Committee on Education and Labor.

“They are still stuck in the old paradigm, they have not accepted the fact that speaking and coughing often produce more aerosols than these so-called aerosol producing processes,” said Dr. Marr from the hospital group.

“We know plexiglass barriers don’t work,” she said and can actually increase the risk, possibly because they obstruct proper airflow in a room.

The improvements don’t have to be expensive: in-room air filters cost less than 50 cents per square foot, although a lack of supply has raised prices, said William Bahnfleth, professor of architectural engineering at Penn State University and head of the Epidemic Task Force at Ashrae ( the American Society for Heating, Cooling and Air Conditioning Engineers), which sets standards for such devices. UV light built into a building’s ventilation system can cost up to $ 1 per square foot. Those that are installed room-by-room perform better, but could cost ten times as much, he said.

If OSHA rules change, demand could lead to innovation and lower prices. There are precedents to believe that this could happen, according to David Michaels, a professor at George Washington University who served as OSHA director under President Barack Obama.

When OSHA tried to control exposure to a carcinogen called vinyl chloride, which is the building block of vinyl, the plastics industry warned about it threatening 2.1 million jobs. In fact, within a few months, companies have “actually saved money and not a single job has been lost,” recalls Dr. Michaels.

In either case, absentee workers and healthcare costs can prove more costly than ventilation system updates, the experts said. Better ventilation helps thwart not only the coronavirus but other respiratory viruses that cause influenza and colds, as well as pollutants.

Before people realized the importance of clean water, cholera and other water-borne pathogens claimed millions of lives worldwide each year.

“We live with colds and runny nose and just accept them as a way of life,” said Dr. Marr. “Maybe we don’t really have to.”

Categories
Business

This earnings season has very excessive requirements

CNBC’s Jim Cramer said Friday that after a busy day of trading on Wall Street, investors will be given an opportunity to buy stocks of high quality companies to close the month.

The major averages all fell less than 1% in the last session in April, making it a week of losses for both the Dow Jones Industrial Average and the Nasdaq Composite.

For the month as a whole, the Dow rose 2.71% while the S&P 500 and Nasdaq rose more than 5% as investors digested corporate earnings reports.

“When we go into next week … remember that this winning season has very high standards,” said the Mad Money host. “Keep your eyes peeled for more stocks that could be crushed after big quarters and then buy something.”

Cramer announced his schedule for the coming week. The earnings per share forecasts are based on FactSet estimates:

Monday: Estee Lauder, Diamondback Energy result

Estee Lauder

  • Q3 2021 Results to be published: before the market; Conference call: 9:30 a.m.
  • Projected earnings per share: $ 1.32
  • Estimated Revenue: $ 3.94 billion

“This company, led by bankable Fabrizio Freda, put up some incredible numbers last time around. I suspect we’re going to get another blowout,” said Cramer.

Diamondback Energy

  • Earnings publication for the first quarter of 2021: after market entry; Conference call: Tuesday, 9 a.m.
  • Projected earnings per share: $ 1.81
  • Estimated Revenue: $ 1.04 billion

“We had some real disappointments from Chevron and Exxon today, despite the recent surge in crude oil to $ 65. So let’s see what they do with the fastest producer in the oil field,” he said.

Tuesday: Pfizer, CVS, DuPont, AT&T, T-Mobile wins

Pfizer

  • Earnings release for the first quarter of 2021: ahead of the market; Conference call: 10 a.m.
  • Projected EPS: 78 cents
  • Estimated Revenue: $ 13.65 billion

“I think Pfizer is a good stock, has solid management, and has an excellent and safe dividend yield,” said Cramer. “Given that drug stocks have become the big disappointment of this earnings season, you may want to see what happens before you pull the trigger.”

CVS

  • Earnings release for the first quarter of 2021: ahead of the market; Conference call: 8 a.m.
  • Projected earnings per share: $ 1.73
  • Estimated Revenue: $ 68.36 billion

“I think the new CEO, Karen Lynch, has a good story to tell … but if, like me, you read through the entire Amazon letter last night, you know they are shooting at the drugstores,” he said. “It’s going to be a tough slog. You never want to go up against Amazon if you can avoid it.”

DuPont de Nemours

  • Earnings release for the first quarter of 2021: TBD; Conference call: 8 a.m.
  • Projected EPS: 75 cents
  • Estimated Revenue: $ 3.85 billion

“I bet it’s ready for a tough neighborhood,” said the host.

T-Mobile

  • Earnings release for the first quarter of 2021: 4:05 p.m. Conference call: 4:30 p.m.
  • Projected EPS: 54 cents
  • Estimated Revenue: $ 18.73 billion

“T-Mobile was the best investment in the group if you want capital appreciation. That won’t change,” he said.

Wednesday: General Motors, Scotts Miracle-Gro, PayPal, Twilio earnings

General Motors

  • Earnings release for the first quarter of 2021: 7:30 a.m. Conference call: 10 a.m.
  • Projected earnings per share: $ 1.05
  • Estimated sales: $ 33 billion

“The inventory has already been seasoned thanks to Ford pin action earlier this week,” said Cramer. “I think GM is in better shape on chips, which means it’s worth buying before the quarter.”

Scotts Miracle-Gro

  • Q2 2021 results to be published: before the market; Conference call: 9:00 a.m.
  • Projected earnings per share: $ 5.48
  • Estimated Revenue: $ 1.69 billion

“It’s one of those hobbies like boating that exploded during the pandemic and I think it carries over to this season,” he said. “Also, Scotts can give us a feel for how strong the domestic cannabis market is.”

PayPal

  • Earnings publication for the first quarter of 2021: after market entry; Conference call: 5 p.m.
  • Projected earnings per share: $ 1.01
  • Estimated Revenue: $ 5.91 billion

Twilio

  • Earnings publication for the first quarter of 2021: after market entry; Conference call: 5 p.m.
  • Estimated loss per share: 10 cents
  • Estimated revenue: $ 533 million

“Both companies are incredible, but their stocks have been unpredictable because worldly growth stories are not currently in vogue on the Wall Street fashion show,” the host said. “If you like them, I recommend buying some before and after the quarter to make sure you get the best base.”

Thursday: Income from ViacomCBS, Regeneron, Penn National Gaming, Roku, Peloton, and AMC Entertainment

ViacomCBS

  • Q1 release of results: before the market; Conference call: 8:30 a.m.
  • Projected earnings per share: $ 1.22
  • Estimated Revenue: $ 7.33 billion

“We don’t really know where Viacom stock deserves trading as it was bid up more than twice by a stupid hedge fund, Archegos, and then when that fund collapsed, so did this stock,” Cramer said.

Regeneron

  • Earnings release for the first quarter of 2021: ahead of the market; Conference call: 8:30 a.m.
  • Projected earnings per share: $ 8.74
  • Estimated Revenue: $ 2.53 billion

“The Washington health complex has not been kind to Regeneron,” he said.

Penn National Gaming

  • Earnings release for the first quarter of 2021: 7:00 a.m. Conference call: 9:00 a.m.
  • Projected EPS: 26 cents
  • Estimated Revenue: $ 1.14 billion

“The gambling has taken a real run here, momentum,” said the hosts. “Has the partnership with Barstool drawn in the players I think they have? I bet the numbers are good.”

year

  • Earnings publication for the first quarter of 2021: after market entry; Conference call: 5 p.m.
  • Estimated loss per share: 15 cents
  • Estimated Revenue: $ 492 million

Peloton

  • Q3 2021 Results publication: After Market; Conference call: 5 p.m.
  • Estimated loss per share: 12 cents
  • Estimated Revenue: $ 1.12 billion

“We have adjusted our habits and will continue to do some of these things after the pandemic is over, but these two [stocks] are two of the most expensive stocks in the entire market, “said Cramer.” Your profit may not translate into higher stock prices. “

AMC Entertainment

  • Earnings publication for the first quarter of 2021: after market entry; Conference call: 5 p.m.
  • Estimated Loss Per Share: $ 1.37
  • Estimated Revenue: $ 156 million

“There are so many stocks up for sale that I don’t think it can rebound even if reopening will save the business,” he said.

Disclosure: Cramer’s charitable foundation owns shares in DuPont de Nmours.

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Categories
Business

Scientists to C.D.C.: Set Air Requirements for Workplaces Now

Almost a year after scientists showed that the coronavirus can be inhaled in tiny droplets called aerosols that linger in stagnant indoor air, more than a dozen experts are calling on the Biden government to take immediate action to stop the transmission of the virus in the air at high risk limit settings such as meat packing plants and prisons.

The 13 experts – including several who advised President Biden during the transition – urged the administration to mandate a combination of masks and environmental measures such as better ventilation to mitigate the risks in various workplaces.

On Friday, the Centers for Disease Control and Prevention issued new guidelines for reopening schools, but quickly switched to improved ventilation as a precaution. It was only in July that the World Health Organization admitted that the virus could linger in the air in overcrowded indoor spaces after 239 experts publicly urged the organization to do so.

In a letter to the administration, scientists explained detailed evidence of airborne transmission of the virus. It has become even more urgent for the government to take action now, the experts said due to the slow vaccine rollout, the threat of more contagious variants of the virus already circulating in the United States and the high rate of Covid-19 infections and deaths, despite one recent fall in cases.

“It’s time to stop pussy shooting because the virus is mostly airborne,” said Linsey Marr, aerosol expert at Virginia Tech.

“If we properly acknowledge this and implement the right recommendations and guidance, this is our chance to end the pandemic in the next six months,” she added. “If we don’t do that, it could very well drag on.”

The letter was delivered to Jeffrey D. Zients, Coordinator of the Biden Administration’s Covid-19 Response, on Monday. Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention; and Dr. Anthony S. Fauci, Director of the National Institute for Allergies and Infectious Diseases.

The letter urged the CDC to recommend the use of high quality masks such as N95 respirators to protect workers at high risk of infection. At present, health care workers rely mostly on surgical masks, which are not as effective against aerosol transmission of the virus.

Many workers susceptible to infection are black people who have borne the brunt of the epidemic in the United States, the experts noted.

Mr Biden has directed the occupational health and safety agency, which sets workplace requirements, to issue temporary emergency standards for Covid-19 by March 15, including those for ventilation and masks.

However, OSHA will only prescribe standards that are supported by the CDC, said David Michaels, an epidemiologist at George Washington University and one of the signatories.

(Dr. Michaels ran OSHA during the Obama administration; the agency has not had a permanent leader since his departure.)

Updated

Apr 16, 2021 at 10:43 am ET

“Until the CDC makes some changes, OSHA will have difficulty changing the recommendations as it understands that government must be consistent,” said Dr. Michaels. “And CDC has always been considered the lead infectious disease agency.”

Public health authorities, including the WHO, have been slow to recognize the importance of aerosols in the spread of the coronavirus. It wasn’t until October that the CDC realized that the virus could be in the air at times, after an enigmatic series of events where a description of how the virus had spread appeared on the agency’s website, then disappeared, and reappeared two weeks later.

However, the Agency’s recommendations on workplace accommodation did not reflect this change.

At the start of the pandemic, the CDC said health care workers didn’t need N95 respirators and could even wear headscarves to protect themselves. Face coverings were also not recommended for the rest of the population.

The agency has since revised these recommendations. It was recently recommended that you wear two masks or improve the fit of their surgical masks to protect yourself from the virus.

“But they’re not talking about why you need a better fitting mask,” said Dr. Donald Milton, aerosol expert at the University of Maryland. “They recognize the importance of inhaling it and how it is transmitted, yet they don’t say it clearly on their various web pages.”

The agency recommends surgical masks for health care workers and says that N95 respirators are only needed during medical procedures that generate aerosols, such as certain types of surgery.

However, many studies have shown that health care workers who have no direct contact with Covid-19 patients are also at high risk of infection and should wear good quality respirators, said Dr. Celine Gounder, an infectious disease specialist at Bellevue Hospital Center in New York and an advisor to Mr. Biden during the transition.

“The CDC has not emphasized the risk of aerosol transmission enough,” said Dr. Gounder. “Unfortunately, concerns about the offer continue to cloud the discussion.”

Many hospitals still expect their staff to reuse N95 masks as recommended by the agency to reuse when supplies are low. However, since the masks are no longer in short supply, the agency should change its recommendations, said Dr. Gounder.

“We really need to stop this approach of reusing and decontaminating N95,” she added. “We are one year this year and that is really not acceptable.”

At least hospitals are usually well ventilated, so healthcare workers are protected in other ways, the experts said. In meat packers, prisons, buses, or grocery stores where workers have been exposed to the virus for long periods of time, the CDC does not recommend high-quality respiratory equipment or advocate improvements to ventilation.

“When you go to other jobs, that notion that aerosol transfer is important is virtually unknown,” said Dr. Michaels. For example, in food processing plants, a refrigerated environment and lack of fresh air are ideal conditions for the virus to thrive. However, the industry has not taken any safety measures to minimize the risk, he added.

Instead, employers follow the CDC’s recommendations for physical removal and cleaning of surfaces.

The recent emergence of more contagious variants makes it imperative for the CDC to address airborne transmission of the virus, said Dr. Marr from Virginia Tech. Germany, Austria and France are now mandating N95 respirators or other high quality masks in public transport and shops.

Dr. Marr was one of the experts who wrote to WHO last summer asking for airborne transmission recognition. She didn’t expect to be in a similar position again so many months later. She said, “It feels like Groundhog Day.”