We got the latest Producer Price Index inflation report this morning, and it sent the market sinking…
The PPI doesn’t have as much impact as Tuesday’s Consumer Price Index report, which sent the market higher.
But the month-over-month data for February showed an increase of 0.6%, double the forecast of 0.3%, which is also what the number was in January.
Year over year, the number came in at 1.6% versus expectations of 1.1%.
Month over month excluding more volatile food and energy prices, the number came in at 0.3% versus expectations of 0.2%. And year over year excluding food and energy prices, the number was 2.0% versus expectations of 1.9% — this is the most important number to watch.
So wholesale prices rose faster than expected, and that’s not good…
This tells me that rate cuts aren’t likely to happen until the fourth quarter, which is why stocks reversed in premarket trading.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. META Is Showing Signs of Life Again
Take a look at this bright blue candle:
If a trader can spot that particular candlestick on a META chart, their trading style could be about to change forever.
Because it’s a tell-tale sign that big ol’ META could be ready to make a big move.
While it hasn’t triggered yet, the ticker has been showing signs of life recently.
Similar activity in the past led Graham Lindman to seven straight huge winners.
Now he’s ready to see if he can spot a new trade opportunity on the ticker…and make it an eighth!
Obviously, he cannot promise future profits or against losses.
But if you can make it to his 2 p.m. ET event on Thursday, he’ll share all of the exciting details and then some!
