Stocks are down across the board after three days of a strong rally, and the market’s generally fizzle out around 2 p.m. ET on Fridays, so that’s something to watch today.
We have Consumer Sentiment coming at 10 a.m. ET, and I don’t think it’s going to be positive. It hasn’t been good in quite some time and could put a damper on this week’s rally if year-ahead inflation expectations are above the consensus of 6.7%.
We saw strong earnings from Google parent Alphabet (GOOG; GOOGL) but poor numbers from Intel (INTC).
My biggest concern right now is still the U.S. dollar, which is not buying any of the stuff the White House is selling. We still need the USD to get above par (100), but I think we’re looking at another breakdown.
The bond market (TLT) is up slightly but there are seven levels of resistance above…
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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P.S. If History Repeats Itself, the Market Could Close the Year in the Red!
You see, when the market loses over 15% of its value, it’s closed in the red for the year 81% of the time…
And now, we could be on the verge of something even bigger. But there’s a way to sidestep the upcoming chaos…
