I said Monday that this was the week to get rid of your FANG stocks, and boy did they take a dump on Thursday…
Tech stocks sold off sharply Thursday after the latest Consumer Price Index inflation report, even though the numbers were good.
We got the latest Producer Price Index report this morning, and stock’s didn’t make much of a move initially after the data showed inflation rose more than expected.
The PPI rose 2.6% year over year versus expectations of 2.3% to 2.4%. Excluding food and energy prices, it rose 3.0% versus expectations of 2.3% to 2.4%.
These numbers are bad, and the Fed chair has some explaining to do here. This should take some air out of the market, though things haven’t moved much premarket.
Big banks like JPMorgan (JPM), Citi (C ) and Wells Fargo (WFC) all reported this morning before the open, and only C is up nicely, up 3.4%. WFC is down 5% while JPM is mostly flat.
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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