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Stocks are down across the board ahead of the open, and while the market has been chopping sideways, the range of the chop has been shrinking.
That’s particularly true for the Magnificent Seven (MAGS) stocks that make up the biggest chunk of market cap. The S&P 500 Equal-Weight ETF (RSP) is also rangebound and just chopping sideways.
And trading a market that’s just moving sideways is like trying to surf an ocean with no waves — no matter what stocks you pick, you’re going nowhere fast.
Meanwhile, the market’s waiting for the Consumer Price Index inflation data coming at 8:30 a.m. ET on Wednesday followed by comments from Fed Chair Jerome Powell at 10 a.m.
We do have a full slate of earnings on deck, and Shopify (SHOP) is down this morning, which isn’t good for Consumer Discretionary and has a major impact on other stocks.
The long bond (TLT) is also breaking lower, which will also put pressure on the stock market today. I’d love to see it rally and come back up but I won’t hold my breath.
Gold made an all-time high yesterday but it’s also right back down today… I would be cautious with gold as the U.S. dollar firms up while bonds fall, which decreases the value of 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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