September 13, 2023

Markets:

U.S. consumer prices leaped 0.6% in August — the biggest increase in 14 months — largely because of higher oil prices.

If energy and food are set aside, so-called core inflation rose a smaller 0.3% in August, the consumer price index showed. That was a tick above Wall Street expectations, however.

Wall Street has mostly priced in a pause in rate hikes at the Fed’s next meeting. Fed funds futures pricing data as of Wednesday morning indicate a 93% probability of rates remaining the same, according to the CME FedWatch Tool.

Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing.

Total mortgage application volume dropped 0.8% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Portfolio:

Monster day for us yesterday and we enter the new trading session holding setups in WW, CXM, ATEN, and UPST. Queue continues to ignite, and we'll look to pinpoint new opportunities today. Technically, in a perfect place still for both sides of the trade. Right now we all this to materialize and allow the trend to strengthen while others try to chase the day to day moves. Let's have another great session.