Stocks are moving once again after the release of the Producer Price Index inflation data, which was the second report in two days that shows inflation is worse than it was a year ago.
However, futures actually rose on the data, which is a big surprise.
Stocks sold off hard immediately following Wednesday’s CPI inflation report but the PPI isn’t as impactful — still, make no mistake, these numbers are bad.
Year over year is the most important number, which came in at 3.5% vs. expectations of 3.2%. YoY excluding food and energy prices, the number came in at 3.6% vs. expectations of 3.3%.
Nevertheless, futures are rising across the board, with the Nasdaq 100 (QQQ) rising above its current channel. However, the S&P 500 (SPY) is nearing a strong level of resistance.
I don’t trust this rally as far as I can throw it, so we need to be very careful today…
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. Institutions Are All Over This 1 Little Stock
Find out what the buzz is all about at 4 p.m. ET today, Feb. 13!
When I’ll give out the ticker and option on the house
