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Thursday, July 13, 2023

Dow Rally Fizzles - NASDAQ rally led by $META, Gold Miners, Bitcoin ALERT

 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/

2 days ago: before the latest PMI data 

2 weeks ago

Seeing a trend here?! 

The other thing that's helping to lift markets 

As I mentioned yesterday, "Earnings"

This explains why we saw gold miners continue to rally on a weak CPI number. 
The Dow (covered yesterday)

Yesterday's rally on the DOW faded, at the slightest resistance. 

Instead, traders piled into tech again.

PepsiCo beat expectations today, and that's going to help the Dow 

Something to watch:


I can hardly believe Bitcoin has retested the high I called a few months back, but the price action still looks weak. 

Set your stop above the 31k level 


Bitcoin Options Traders Shrug Off Post-CPI Choppy Price Action 

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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