August 10, 2023

Markets:

Stock futures rose Thursday as Wall Street looked ahead to a key inflation reading that could impact the Federal Reserve’s next rate move.

The latest reading on the consumer price index is slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expect July CPI grew by 0.2% from the prior month and gained 3.3% on a year-over-year basis.

Many on Wall Street are hoping for more signs of disinflation through the CPI report and Friday’s producer price index. Some regional manufacturing numbers have also showed some signs of easing, noted Sahak Manuelian, head of equity trading at Wedbush Securities.

European stocks opened slightly higher on Thursday.

The pan-European Stoxx 600 index rose by 0.4% in early trade, with insurance adding 1.3% to lead gains while mining stocks fell 0.7%.

Portfolio:

We enter todays session holding positions in AAOI, HPE, TSLL, CVE, IQ, and KEY Everything looks strong in premarket and now we wait to see if the initial reaction off CPI holds. As stated early last week, all we are doing is chopping here and no movement overall. The main trend remains; higher technically. Folks hate to see it and believe it but it's facts based on technicals. This market continues to hurt the late shorts, the late longs, etc. over the last two weeks. This is why we state do not chase the day-to-day movement right now but rather trade for what's to come. This price activity will end very son with runways established. Be ready today.