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Markets Subdued Ahead of a Monster Consumer Sentiment Report This Morning

by | Jun 14, 2024

Stocks are down a bit ahead of the open, and we have a market-moving report coming at 10 a.m. ET in the latest Consumer Sentiment data. 

The market still seems to believe we’ll get an interest rate cut sooner than later, and momentum is narrowing. It wouldn’t surprise me to see some chop. 

If you look at the equal-weight Nasdaq (QQEW), it shows the market peaked in March. Same goes for the equal-weight S&P 500 (RSP). This tells us the largest stocks are controlling the rally in the weighted S&P 500 (SPY) and Nasdaq 100 (QQQ). 

So don’t be fooled by the big moves we’ve seen in the SPY and QQQ… The question is how high can the big stocks go before we start selling? 

The entire run up is being pushed by only about 15 or so stocks. 

The bond market (TLT), meanwhile, is rising again, and something has to give…

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

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

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*Disclaimer: The profits and performance shown are not typical to any individual subscriber to the service, we make no future earnings claims, and you may lose money. From 9/14/23 through 6/11/24, the average win rate in our model track record is 86%, the average return per position is 2.21% with an average hold time of 7 days.

WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

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