Low CPI Scare - Implications
September 12, 2024 (Investorideas.com Newswire) S&P 500 reacted with a brief selloff following the steep yoy CPI decline (2.5% vs prior 2.9% is pretty meaningful), only to suck in bulls for a rug pull following the opening bell. It was a steep selloff multiples of the CPI range, to which bonds didn't initially respond with a rally while the yen returned to rising again (for those two hours that the selloff lasted, more than the usual time to play games with retail traders).
Sectoral view, market breadth and bond showing in terms of risk taking (just TLT got first bought) was poor - S&P 500 bears took ample advantage thereof, and it was mainly up to NVDA to hold the indices somewhat orderly. Sounds as exagerration, but that steep was the selling everywhere else that even the best interest rate sensitive plays were hammered.
The long intermarket explanation with takeaways continues for premium clients - and freely I'll share the financials chart update from yesterday.
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Let's move right into the charts (all courtesy of www.stockcharts.com).
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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