Stocks were down but are now rising across the board on the heels of the latest Consumer Price Index inflation report, which came in at expectations.
Year over year, CPI came in at 2.6% vs. a consensus range of 2.5% to 2.6%. Excluding more volatile food and energy prices, it came in at 3.3% vs. a consensus range of 3.2% to 3.3%.
The numbers are virtually the same as a year ago, which tells us inflation has not gotten better over the past year. To me, this report is not good because it’s not getting better. In fact, year over year, it was worse at 2.6% vs. 2.4% last year…
Nonetheless, the market likes it and yields are falling this morning, and we have the Producer Price Index coming Thursday morning.
We also have a bunch more earnings reports on deck including Cisco (CSCO) and Tower Semiconductor (TSEM), which could give chip stocks a bit of a boost considering it’s up over 8% premarket.
Gold is still falling as the dollar continues to rise…
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. This Stock Goes Up Every November
OK, so my plan wasn’t to email you about this…
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