Looking back at yesterday's surge on an apparently better than expected CPI number?
Considering the fact that the only reason that - backward looking - indicator came in lower than expected, is because fuel prices have come down, from a year ago.
Looks like this was just a reason to buy some news, and squeeze the retail short sellers.
More on yesterday's CPI data
To be honest, I don't trust any numbers coming out of this administration, since every trick in the book is going to be used to make the Biden crime family look good.
Biden Says The Economy’s Doing Great. Lots Of His Own Voters Don’t Believe Him. many sources/ fivethirtyeight.com
2 days ago: before the latest PMI data
2 weeks ago
The other thing that's helping to lift markets
Leveraged jr gold miners up 17% for the week 👏👏👏
— Veteran Market Timer (@3Xtraders) July 12, 2023
Leveraged $QQQ ($TQQQ) only up 5.5% 💩 pic.twitter.com/adoZ2IEkfA
Yesterday's rally on the DOW faded, at the slightest resistance.
Instead, traders piled into tech again.
The rigged $QQQ continues to breakout, led by Facebook $META pic.twitter.com/4JCdb3dnPO
— Veteran Market Timer (@3Xtraders) July 12, 2023
PepsiCo beat expectations today, and that's going to help the Dow
Something to watch:
Bitcoin!
I can hardly believe Bitcoin has retested the high I called a few months back, but the price action still looks weak.
I thought #bitcoin was doing so well; according to the #fakenews. Doesn't look too bullish to me. pic.twitter.com/UmXvJamd6M
— Veteran Market Timer (@3Xtraders) July 11, 2023
Set your stop above the 31k level
Bitcoin Options Traders Shrug Off Post-CPI Choppy Price Action coindesk.com
To wrap things up; keep an eye on companies who are set to report next week, ahead of July OPEX, and you'll see why certain stocks/ sectors have been rallying.
Take Care, AA
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