Stocks are sinking premarket on the heels of another hot Consumer Price Index inflation report…
The most important number is core CPI year over year, which came in at 3.8% versus expectations of 3.7%, and the market did not like this at all.
The S&P 500 (SPY) went from up 0.4% to down 0.9% in a flash on the news. But I don’t believe it’s all bad. The Federal Reserve will have to spin it, but I don’t know how they can claim things are getting better if the number is the same.
This pushes the likelihood of an interest rate cut back, and I’m dying to see how they spin this.
This is why you only hold the best stocks through a big data drop like this if you’re swing trading.
Crude oil, meanwhile, has been falling back to the eight-day exponential moving average.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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