5/11/23 A Haunting 92-Year Anniversary


Headline inflation clocked in at 4.9% year-over-year, according to the latest Bureau of Labor Statistics data.

The trend continues to point lower…

Chart from CNBC

Stocks took the news in stride … The lower inflation is, the better chance The Fed is done with interest rate hikes.

The indexes opened higher, dipping intraday, and closing generally higher…

  • Dow Jones -0.1%
  • Nasdaq +1.0% 
  • S&P 500 +0.5%
  • Russell 2000 +0.6%

Sector Round Up

The sectors split—almost down the middle.

At the close, 7 of 11 were in the green.

At the top…

  • Technology (XLK) +1.2%
  • Real Estate (XLRE) +0.9%
  • Utilities (XLU) +0.9%

At the bottom…

  • Indutraisl (XLI) -0.4%
  • Financials (XLF) -0.6%
  • Energy (XLE) -1.1%


The VIX plummeted after touching 18. Tuesday’s close was the lowest we’ve seen in 7 days.

VIX Daily Candles – Chart by thinkorswim

The bulls have it.

Nothing more to add.


Today at 8:30 AM, we’ll get yet another report loaded with inflation data. This time it’s the Products Price Index (PPI).

Expect light fireworks unless the number comes as a true surprise.

History Repeats

On this day in 1931, the Austrian bank Creditanstalt defaulted and set off a panic in the banking world.

The failed bank held 27% of the nation’s assets.

It was one of the first dominos to fall, leading to the great depression.


*Low Float
^Open Position

*NERV support at $6
*TCRX support at $4
CLSK resistance at $5
PLX support at $2.75
ASRT support at $7
IDYA support at $20
COCO support at $24
NNOX support at $16
HOOK support at $1.80
AQST support at $2.40
BLRX support at $1.40
TNYA support at $6, resistance at $7
^TDUP support at $3
^CBAY support at $10
JELD support at $14

Secondary watchlist—float 100+ million

HLIT support at $16
RDFN support at $10
TIO support at $2.50
MDGX resistance at $6
XERS support at $2.40
VSH support at $24
RIOT support at $12
IMGN resistance at $14

Leave a Comment

Your email address will not be published. Required fields are marked *