April 10, 2024

Good morning. CPI number came in hotter than anticipated and we have ourselves a trading market now! But, if you really look at the numbers two things stand out; rents and gasoline prices. Those numbers were super hot. The key trendline is 506 – 510 on the SPY. How we respond around this range is super important. W are light in positions and ready to attack this market to either side. But, I would not be surprised at all to see this market run higher within two sessions once this is digested. Remember, the market is a forward looking vehicle. Remember what the pain trade is overall. No changes needed in current holdings of SMTC, HMY, IOT, BAC, TSLL, and IBIT.  Be ready today!