I’m very concerned about this market right now and where we’re at from a technical standpoint.
And I think we’re headed for a downturn. Let me explain…
This morning’s Personal Consumption Expenditures Price Index report, excluding food and energy, rose 0.2% for the month and 3.5% year over year. Both numbers were in line with expectations.
The bond market (TLT), meanwhile, is pricing in an interest rate cut in March, but I don’t believe that to be the case. The Federal Reserve has the last word, and we’re just not there yet.
I think reality is going to set in on this at some point, and we’re going to have a pullback.
The data we’ve been getting shows that things aren’t getting worse with inflation, which is good. But they’re also showing us that things aren’t getting better — yet.
So I see rates staying higher for longer… When that reality sets in… downturn!
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing… I’ll discuss whether the two-year resistance level on SPY and DIA will be broken to the upside, or if we’re going to bounce back down… why there’s such a big disconnect between the bond market and the Fed… the sector showing no signs of slowing down… if blue chips continue to outperform tech… and a critical report on the table before market opens today… and my top sector and option!
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