Markets were down before the Producer’s Price Index inflation report sent things shooting higher…
Core PPI excluding more volatile food and energy prices came in at 1.8% year over year versus expectations of 2.0% and a previous reading of 2.0%.
The Federal Reserve still has a lot of work to do, and I don’t believe we’ll see a rate cut in March, which I’ve said a number of times.
Now, aside from bank earnings, we need to watch the bond market (TLT) today. If TLT starts breaking down, it’s going to be a BIG problem for us — higher rates.
For those of you who thought we were on the brink of a nasty bear market… blue-chip stocks were on a tear, notching a record high.
The Nasdaq 100 (QQQ) posted a 1 ½-week high on the heels of a big spike in Netflix.
As for earnings, the season is underway with big banks on deck!
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing…
I’ll discuss the PPI report… momentum for financial stocks… whether or not bonds are ready to break the 200-day line… why I’m nervous about the Tech sector and overall market… my morning hit list of 14 stocks to buy and sell now!
Roger Scott
Roger Scott Trading
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