April 11, 2024

Markets:

Stock futures were flat Thursday morning as Wall Street digested fresh inflation data.

The producer price index reading for March came in below estimates, providing some relief after Wednesday’s selloff on a faster-than-expected rise in prices for consumer goods and services. Wholesale prices rose 0.2% in March, while economists polled by Dow Jones expected 0.3% growth. Core CPI, which excludes food and energy, increased 0.2%, in-line with forecasts.

Stocks sold off Wednesday as investors assessed a hot March consumer price index reading that fueled worries the Federal Reserve may implement fewer rate cuts than expected. Minutes from the Fed’s meeting last month also showed that some officials remain concerned about inflation’s path toward the central bank’s 2% goal.

The unofficial start to the period commences with big bank earnings from JPMorgan, Wells Fargo and Citigroup on Friday.

Portfolio:

Watching folks scrmable right now that are calling for breaks in the market and seeing it hold the line is pretty telling at the pain it will create with the next leg higher should it fully materalize.  Again, friendly reminder that as tough as it might be at times, follow the plan and the trend.
We enter todays session holding set-ups in SMTC, HMY, BAC, TSLL, IBIT.  We will be looking to possibly add today based on queue activity.  Earnings season begins tomorrow but the real excitement comes when tech starts to roll in.  The next months will provide so much insight and explsoive opportunities. Be ready folks.