September 11, 2024

Markets:

U.S. stock futures slipped Wednesday as investors digested the latest consumer inflation report in an attempt to understand the health of the broader economy.

The consumer price index report released Wednesday morning reflected a 0.2% increase in prices last month, with the annual inflation rate coming in at 2.5% — its lowest level since February 2021.The CPI was expected to increase 0.2% in the previous month and 2.6% from a year ago, according to the Dow Jones consensus estimate.

Month over month core CPI — which does not include volatile food and energy prices — came out slightly hotter-than-expected, however.

U.S. mortgage rates fell for a sixth straight week to 6.29% from 6.43%.

European stocks were higher on Wednesday.

Portfolio:

We enter todays session holding set-ups in WULF, NIO, and TSLL.  Morning of CPI data and allowing it all to digest.  We also have a NVDA event today, this is followed by an absolute monster flow of activity for NVDA into yesterdays close.  NVDA into yesterdays close with wild massive buying across February 2025 calls, the $117 calls 3000X, $118 calls 4450X, $119 calls 3000X, $120 calls 4000X, $121 calls 3000X, $122 calls 4000X, $123 and $124 calls 4000X, all together about $35M in calls.  For the semi sector, massive activity here and watching this closely.  

Levels for today and we are one week away from next weeks Fed event which then just open the flood gates for traders.  SPY support levels are critical at 543.  551 to the upside, then 555.  Range bound still as we've been stating now for a bit, 543 – 555 area.  Unless we break one way or another, it's a waiting / patience game for the runway to build for us.  Stay patient and be ready.