Stocks are moving lower on the heels of Wednesday morning’s Consumer Price Index inflation report, which came on the heels of Tuesday’s Producer Price Index.
CPI year over year came in at 2.9% versus expectations of 3.0%. Excluding more volatile food and energy prices, the number is 3.2% versus expectations of 3.2%.
These are not great numbers because they’re telling us we are almost exactly where we were a year ago, so it’s hard to claim that we’re making progress when the numbers are the same…
That said, people have been asking why I’m not trading FANG stocks with the market rising the past few days. The reason is because they’re not in a strong uptrend right now…
In fact, only a couple of them are in a 20-day breakout right now, Meta Platforms (META) and Netflix (NFLX), and 20-day breakouts still have a pretty low chance for success. The trend isn’t strong enough yet to jump into these.
I wait for them to make a 50-day high minimum. There is one FANG stock I like, which I’ll cover in today’s video…
Crude oil, meanwhile, huffed and puffed and has come back down a bit, but I am still bullish on crude — I also have an oil stock to share today…
As long as we don’t drop too much from current levels, then I’m still bullish and it’s telling us the market isn’t fearing a recession at this point.
I’m also bullish on 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. Get My Top 3 ‘Tanking’ Stocks
I’ll be live soon after my “Premarket Must Watch” to share how we’ve won 14 of 17 trades…
And have an overall 78.95% win rate in 2024, All from falling stocks that have experienced big drops.
Here’s your link to join me in the live room.
Listen…
I know a lot of traders are scared right now.
They’ve seen massive dumps because of Japan’s carry trade fiasco… recession fears… political uncertainty…
All of that has crushed a lot of portfolios the past couple of weeks.
But there IS a way to play the market when these pullbacks happen…
So instead of trying to catch a falling knife…
You’re getting in on large-cap stocks at BIG discounts.
Granted, I can’t promise gains or prevent losses…
But if you’d like to see my “secret” trade setup…
And the top 3 “tanked” stocks I believe you should add to your watchlist…
I’ll Be Live at 10 a.m., So Go Here!
The profits and performance shown are not typical. We make no future earnings claims, and you may lose money. From 1/19/2024 to 8/7/2024 on closed trade signals, the average win rate is 78.95%, and the average return per position (winners and losers) is 8.67% with an average hold time of 8 days on the options.
