News:
The latest CPI report revealed that inflation is still trending lower.
The report dropped premarket on Thursday, and the initial reaction was positive. Stocks opened higher but were unable to hold the gains.
The indexes broke their multi-day win streak and settled modestly lower…
- Dow Jones -0.5%
- Nasdaq -0.6%
- S&P 500 -0.6%
- Russell 2000 -2.2%
Sector Round Up
9 of the 11 sectors closed red
The winners…
- Energy (XLE) +0.1%
- Technology (XLK) +0.1%
At the bottom…
- Real Estate (XLRE) -1.3%
- Materials (XLB) -1.5%
- Utilities (XLU) -1.5%
Technicals:
The Russell 2000 looks ready to retest 52-week lows…
With oversold conditions knocking on the door, we believe the downside is still limited.
We are adding to our seasonal swing positions with this dip.
Your latest readout…
- The VIX is rangebound between 16 and 18
- RSI levels are all neutral
- The put-to-call ratio is oversold
Timing:
Today is Friday the 13th.
It also marks the unofficial kickoff of earnings season with a host of finance giants reporting. Before the opening bell, we’ll hear from…
- JP Morgan (JPM)
- Citi (C)
- Wells Fargo (WFC)
- PNC Financial (PNC)
- Blackrock (BLK)
Watchlist:
*Low Float
^Open Position
*PEV support at $1.40
*ALXO resistance at $10
^*GLBS support at $2
LFMD support at $6.50
PGTI support at $30
LAAC support at $7