Good morning. In 2005, someone bought a futures contract on frozen orange juice for $14 and accidentally triggered a market rally.

Why? Traders assumed it was insider info… Turns out it was just a fat finger.

Even OJ has its pump days.

-Shaun A, Pat Lewis, Jordon Mellor

MARKETS

Prices supplied by Google Finance as of 4:00am ET - stock prices as of close. Here is what the prices mean.

LEARN

CPI steals the spotlight, but if you're not watching PPI, you're trading half-blind.

PPI measures the average change in prices that producers receive for goods and services. Think of it as the upstream inflation gauge, what businesses pay before costs trickle down to consumers.

Traders track it because it can front-run CPI. If producers are getting squeezed, it’s only a matter of time before that hits shelves, gas stations, or your favorite food app.

A hotter-than-expected PPI print means inflation may not be as contained as hoped. That throws cold water on rate-cut bets and boosts the USD.

Example: If Core PPI MoM comes in at 0.5% when markets expected 0.2%, yields might pop, gold could take a hit, and rate-sensitive stocks might pull back hard.

Headline PPI includes food and energy, which are noisy. Core PPI strips them out, giving a clearer signal of sticky inflation.

Traders are watching Core PPI MoM more than YoY right now, as the Fed is focused on month-to-month changes to see if inflation is re-accelerating or cooling off.

PPI isn’t a solo act. It works best when paired with CPI. If both are hot, the market reacts sharply. If PPI comes in soft but CPI stays high, confusion reigns and volatility spikes.

Use both together to get a sense of inflation flow: from producers to consumers.

Like CPI, PPI surprises move markets. A wide miss or beat vs. expectations can swing yields, FX, and risk sentiment.

Keep an eye on consensus forecasts. If the actual print shocks, algos jump, traders chase, and the volatility fireworks begin.

PPI may not get the glam of CPI, but it’s a critical piece of the inflation puzzle. Especially in an environment where the Fed is hypersensitive to data. If you’re trading FX, gold, indices, or rates, PPI should be on your radar. It’s early, it’s fast-moving, and it often hints where CPI is heading next.

-Shaun A

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CRYPTO

The crypto cosmos is quietly buzzing with fresh speculation about the potential Solana ETF, after recent developments at the U.S. Securities and Exchange Commission. Reports indicate the SEC is working on a standardized framework for crypto ETFs, which could streamline the approval process for products like a Solana fund. While this doesn’t guarantee immediate approval, it signals a shift in the regulatory approach that could benefit the broader crypto market. So Solana holders, listen up! And if you aren’t holding SOL… well, read on - because it’s about to get interesting.

According to sources, the SEC has asked potential Solana ETF issuers to revise and resubmit their applications by the end of July. This request suggests regulators are actively engaging with these proposals rather than outright rejecting them, which many in the industry see as a positive sign. However, experts caution that this back-and-forth is part of the normal review process and shouldn’t be mistaken for an imminent approval.

The bigger story here is the SEC’s apparent effort to create general listing standards for crypto ETFs. With more than 50 crypto-related ETF applications currently pending, the agency seems to be looking for ways to simplify what has been a lengthy and case-by-case approval process. The new framework could reduce the typical 240-day review window to about 75 days by eliminating the need for exchanges to file separate listing requests for each new crypto product.

Analysts at CF Benchmarks predict these universal procedures could be finalized by September, working in collaboration with national stock exchanges. The standards are expected to cover key areas like net asset value calculations, custody requirements, and how underlying assets are selected. Importantly, the rules would likely include eligibility criteria for cryptocurrencies themselves, focusing on factors like exchange listings and liquidity levels.

This development follows last week’s launch of the first U.S. staked crypto ETF, the SOL+Staking ETF (SSK) from Rex Shares and Osprey Funds. While not a traditional spot ETF, this product gives investors exposure to Solana’s price movements plus staking rewards, showing growing institutional interest in SOL-based investment vehicles.

Bloomberg ETF analyst James Seyffart gingerly tempered expectations in a recent social media post, noting that these regulatory interactions, while positive, don’t necessarily mean approvals are coming soon. The SEC’s request for amended filings does indicate serious consideration of Solana ETFs, but the process still involves significant review and potential revisions before any final decision.

For the crypto market, these developments represent another step toward mainstream acceptance. After the landmark approvals of Bitcoin and Ethereum ETFs, a Solana fund would further validate crypto as an asset class for traditional investors. The SEC’s apparent willingness to create clearer guidelines suggests regulators recognize the growing demand for these products, even as they maintain careful oversight.

While nothing is certain yet, the combination of regulatory movement and product innovation points to an evolving landscape where crypto investment vehicles become more accessible. For Solana enthusiasts, the coming months will be crucial as the SEC’s new framework takes shape and potential ETF issuers refine their proposals. One thing’s clear – the conversation around crypto ETFs is far from over, and Solana appears to be next in line for serious consideration. potential Solana ETF after recent developments at the Securities and Exchange Commission.

-Pat Lewis

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