9/14/23 Bearish Bets Abound


August saw the largest month-over-month price increase of 2023.

  • CPI showed prices rose +0.6% from July
  • And +3.7% from August of 2022
Chart from CNBC

The trend is still clearing pointing lower.

The latest data dropped on Wednesday before the opening bell. And the market took the news in stride.

The indexes closed the day mixed, and little changed…

  • Dow Jones -0.2%
  • Nasdaq +0.3% 
  • S&P 500 +0.1%
  • Russell 2000 -0.8%

The lackluster day suggests the market did not price in any unexpected updates.

The market believes The Fed will hold interest rates steady at next week’s FOMC meeting.

Sector Round Up

6 of the 11 ended the day with gains on Wednesday.

At the top…

  • Utilities (XLU) +1.2%
  • Consumer Discretionary (XLY) +0.8%
  • Communications (XLC) +0.3%

At the bottom…

  • Industrials (XLI) -0.7%
  • Energy (XLE) -0.8%
  • Real Estate (XLRE) -0.1%


The put-to-call ratio, which tells us how balanced the market is, rose to its highest level in 2023 yesterday…

$CPC Daily Close – Chart by thinkorswim

The chart above tells us the bears are making aggressive bets, but they’re running out of bulls willing to take the other side.

Our take—the downside is minimal right now.

Your latest readout…


The latest inflation data from the Producer Price Index (PPI) drops at 8:30 this morning.

Friday afternoon is the 3rd triple witching of 2023.


^Open Position

FNGR support at $7
PFIE support at $3
GIII support at $24
AXLA support at $1
REKR support at $3.50, resistance at $4
ESTE support at $20
NN on watch
MAPS support at $1.50
TNGX support at $8

Secondary watchlist—float 100+ million

^IOT support at $30
^IONQ resistance at $20
SNDL support at $2, resistance at $2.20

Leave a Comment

Your email address will not be published.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