And Now For an Update on Energy
OPEC continues to slash expectations, which is bad news for all upstream producers.
Action to Take: Euphoria comes and goes. Now, we start to focus on the short-term reactions to inflation numbers. This will be the first test of the post-election rally on “Bad News as Bad News.” We want to watch Russell 2000 ETF's (IWM) key support at yesterday's low of 236.56—a break below could present an opportunity as algorithms step in to buy off deviation bands. If you missed the initial move, watch these reentry points.
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Momentum: Markets hit pause this morning after an epic five-day run, with futures down as attention shifts from election euphoria to economic reality. Today's CPI report showed inflation ticking up 2.6% year over year with a 0.2% month over month rise, adding fresh fuel to inflation concerns.
With Treasury yields climbing and Minneapolis Fed President Neel Kashkari cautioning about December’s cut, some profit-taking looks natural. Yet momentum remains strong across all major indices.
Insider Buying: Heavy Selling Continues
The ratio of…
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