The latest CPI inflation data dropped yesterday. Here are the key numbers…
- -0.1% rise month-over-month
- +6.5% year-over-year
- “Gasoline was by far the largest contributor to the monthly … decrease”
Your take-home, the trend is clearly pointing lower…
Wall Street took a little time to digest the report, swinging from green to red and red to green several times during the premarket and morning trading session.
By the close, all four major indexes ended solidly in the green…
- Dow Jones +0.6%
- Nasdaq +0.6%
- S&P 500 +0.3%
- Russell 2000 +1.3%
Weekly unemployment claims declined too. The labor market is showing no signs of weakness.
Pulling back the layers from Thursday’s price action…
75% of stocks advanced, showing the bulls are firmly in charge. But the sectors varied…
Sector Round Up
8 of 11 sectors ended the day in the green.
At the top…
- Energy (XLE) +1.9%
- Real Estate (XLRE) +1.1%
- Communications (XLC) +1.1%
- Consumer Staples (XLP) -0.8%
- Utilities (XLU) -0.7%
- Healthcare (XLV) -0.3%
Bed Bath & Beyond (BBBY^) squeezed more than 50% higher yesterday.
- The nearly bankrupt company is showing signs of “meme stock” status
- It’s risen as much as 300% percent in the past week.
Bitcoin^ is trading at its highest level in more than two months.
- At writing, 1 bitcoin will cost you $18,935
- The SEC is cracking down on crypto-related firms
- New legal charges were revealed against Genesis & Gemini last night
The VIX plummets to its lowest level since April of 2022…
The market’s fear is practically gone. We are as bullish as we’ve ever been.
We’ll keep a close eye on our signals for signs of a change. Right now…
Today is Friday the 13th, but there’s little reason to be fearful.
- For the S&P 500 the average Friday the 13th return is positive
This morning earnings season gets into full swing. Big banks start reporting premarket. Those include…
- Bank of America (BAC)
- Citigroup (C)
- Wells Fargo (WFC)
- JP Morgan (JPM)
Monday markets are closed in observance of MLK Day.
*NEON resistance at $9
*NINE support at $14
AEHR support at $27.50
RCON support at $1.40, resistance at $1.60
VYGR support at $8
EH support at $12
VRDN resistance at $36
LX support at $3
FULC on watch
ARHS support at $12
^CROX on watch
^PRQR support at $3.25, resistance at $3.75
RVMD support at $26
Secondary watchlist, float 100+ million
IRDM support at $60
TGTX support at $12
EXAS on watch
BBWI support at $45
DADA support at $13, resistance at $14
GERN resistance at $3
ROIV on watch