Stocks are largely flat after a blow-out Thursday on the heels of the FOMC’s 0.5% rate cut on Wednesday, the first in four years after aggressive hiking to combat inflation.
The biggest thing to worry about is FedEx (FDX) earnings after the close Thursday, and the stock is down 13%.
According to the Fed, everything is great, even though it cut rates 50 basis points…
But FedEx is a pretty good barometer for economic strength because it delivers such a wide variety of commercial and industrial shipments. And what FedEx is saying is that industrial job growth is slowing, and that’s meaningful.
In fact, the company has every reason to spin things in the best light possible during its earnings report so the stock will go up. But that’s not what the company said…
So this could put a damper on industrial and consumer stocks today, and the broad market in general, and that means we need to be careful today.
On top of that, it’s also quad witching day, which will cause a lot of volatility. Blue chips are looking better than tech so far…
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. Tiny Moves, BIG Profit Potential: My chat with Jeffry Turnmire
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