PPI came in at 1.7% year over year versus expectations of 1.7%. Jobless claims were just above expectations at 230.75K (estimates were 227K).
I also have some bad news…
The number of stocks above $2 a share, public for at least six months and above their 50-day moving averages is just 45% right now.
So I’m not loving overall momentum in the market. We’re basically where we were a month ago, and things were not good a month ago. So while, yes, Nvidia (NVDA) made a big move on Wednesday, if we get some bad news, the market can sell off in a hurry.
It is good news, however, for gold…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. It’s Almost Time to Reveal the World’s Most Predictable Pattern!
I’m opening up the live room at noon ET TODAY, Sept. 12, so you can learn the world’s most predictable pattern…
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All you have to do is wait for a stock to dip below this pink line to open a trade…
Then wait for it to cross back above to close out the trade.
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But we’ve used this predictable pattern to go on an incredible eight-trade win streak over the past two months…
And if all goes as planned, we could be on the way to win No. 9!
Obviously, I cannot guarantee future results or shield against losses. But this is a must-see class for everyone!
*The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 2/25/20 through 9/5/24, the average win rate on live published trade alerts is 75.2%. The average weighted rate of return on options trades was 6.23% over a 12 day average hold time.
