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CPI ended up being the main data point for the day, coming in a little bit cooler than expected. The FOMC dot plot came in a bit hawkish, showing one rate cut this year vs. two, however next year added one, so the market didn’t seem to care. They added a line about modest improvement in inflation which kept the market around the same spot it was after CPI. PPI is this morning but I highly doubt it will be relevant after yesterday.
There’s a reason you need to be trading the Mag 7 names. Yesterday AAPL continued on it’s tear.
And of course NVDA continued to go up.
TSLA had an undercut and rally at it’s 50 day and is up big pre market, seeming on Musk’s pay package. Not sure why that’s worth 5% but that’s the market we are in.
Interesting on the side effects now coming out about the weight loss drugs…
I went short LLY the other day. Not based on this but based on it being extended. Interesting to see if this filters into the weight loss drug stocks.
Seeing this out there on X but no talk in the financial media as of yet.
The divergence between the S&P, NASDAQ, and Dow continues to be concerning. The Dow as down yesterday and is down pre market. I also worry that the market is up for the year even though the Fed dot plot has moved from 6 cuts to 1. That being said, bet against this market at your peril.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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