Futures were all higher this morning until we got the latest Producer Price Index inflation data, which showed prices rose more than expected, much like Tuesday’s Consumer Price Index.
Month over month, producer prices rose 0.3% versus estimates of 0.1%. But the important number is core PPI year over year, which came in at 2.0% versus expectations of 1.6%.
Markets quickly turned down after the 8:30 a.m. ET announcement. Treasury yields climbed higher, with the 10-year hitting 4.322%.
The bond market (TLT) huffed and puffed on Thursday before closing near the lows after the morning gap higher. TLT immediately sank on the PPI news this morning.
The Dow (DIA) right now is weaker than the rest of the market, and it may be making a lower high versus strong moves in the Nasdaq 100 (QQQ) and S&P 500 (SPY) before the inflation data hit.
I’m also watching crude oil very closely…
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. Wall Street and the Truth Are So Far Apart…
Wall Street loves to make you think that investing is akin to rocket science…
They have so many folks convinced you need to b crunch numbers like a pro and sit tight for ages just to see a hint of profit.
Let me tell you straight: That’s a bunch of monkey business!
The action’s been choppy of late, but we’ve capitalized on Nvidia FOUR straight times.
Now, while I’ve been on a hot streak with 18 consecutive wins, I have to set the record straight: There are no guarantees in trading…
However, with a certain earnings event on the horizon, I’m eyeing what could be our next big trade.
Hit the link below to join in — you don’t want to miss this!
