Financial News vs. Noise
Big day for the markets after a cool CPI. Today is PPI, I would expect the market to try to consolidate gains but things could get interesting again if you get a surprise. SPX failed at 4500, so you would expect a retest at least. Clear uptrend at this point and would use any weakness to do selective buying.
My favorite areas on the long side, in no particular order:
The home security stocks—GEO, CXW, maybe AXON
Weight loss-LLY and NVO
Looking for dip buys on precious metals and miners.
Starting to look at China again, a few big names have earnings this week, so maybe KWEB until those report.
I ended up picking up some CVX yesterday. Oil names are the laggards, after being the leaders earlier in the year.
Watching the currencies, at the moment the Yen (FXY) looks the most interesting. Want to see the impact of the horrific GDP numbers in Japan last night.
Watching Biotech, probably XBI. Did take profits in SDGR yesterday and will look for a place to get back in.
On the short side, I couldn’t resist KRE on a failure at the 200 day. Barring a somewhat hot PPI that may not work out well. I also went back into AX and RILY, if there is something wrong, a cool CPI print probably doesn’t change anything except give you a reload spot.
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News vs. Noise
I still don’t think so, but as I always say, trade based on what you see, not based on what you think, but be ready in case what you think was correct. The Elusive Soft Landing Is Coming Into View The inflation news has been better than expected and there’s still no sign of recession-WSJ
Why I had to short it. Interest rates are still way high relatively and I think their is rot beneath the surface. Lucky for me SKRE got delayed. Bank stocks surge after inflation report, regional banking ETF logs biggest gain since May-MarketWatch
Fed’s Goolsbee: ‘We still have a long way to go’ to get to 2% target-MarketWatch
At some point this has to give. The Magnificent Seven add more than $200 billion to their market caps-MarketWatch
Not sure how I feel about Barron’s agreeing with me. Buy Chevron Stock. It’s Been Punished Enough for Earnings and the Hess Deal.-Barron’s
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