Stocks are now mostly flat premarket but falling fast on the heels of the latest Consumer Price Index inflation report.
The CPI core, excluding more volatile food and energy prices, came in at 3.9% year over year versus a prior reading of 4.0% and expectations of 3.8%.
This number caused immediate selling off the highs, but it’s not a bad number. It would have been bad at 4.0% or higher.
The key thing for markets right now is interest rates. And all signs point to rates staying higher for longer — not a rate cut in March. I’ve been talking about this a lot and will continue to because this is the biggest factor affecting stocks right now.
I’m glad we have the CPI today, and we’ll get the less important Producer Price Index on Friday — along with the real beginning of earnings season with 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 CPI report… the bond market… critical levels for stocks… how to pick options… and my hit list for today’s trading session!
Roger Scott
Roger Scott Trading
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P.S. Ready for the Biggest Bitcoin Play of the Year?
It’s an exciting day because Graham is going live at noon ET TODAY, Jan. 10, for his FIRST EVER crypto briefing…
And if you’re not aware, Bitcoin has been on fire lately in hopes that the SEC is about to approve an ETF that tracks the world’s top crypto coin — which it did late Wednesday.
During the briefing, he’ll cover a few different things:
- How a major January upgrade could send Bitcoin soaring 500% over the next few years.
- How to take advantage of a little-known “Bitcoin hack” from any brokerage account — trading it just like Apple or Amazon…
- And his No. 1 way to invest in Bitcoin for 2024.
