I guess 8.5% CPI is good news. It doesn't make sense. My guess is this is another fake rally. I shorted the open. So far it has done nothing but go down.
Who knew that commodities could rally in an inflationary environment in a recovering economy ? Ka ching Ka ching.
I shorted the NQ at about 14170 at 0845 CST. About 15 minutes after the open. I was down about 100 points at the high but now it is actually negative now. Went from 14277 to 14000 and falling. I should add I've been negative on the NQ since April 1. That's when the 4 hour crossed below the 50-period SMA. That was around 14750. Then on April 4 Monday was another fake rally.
I knew it was a fake because near the highs in the morning XLU, XLRE & XLP were all up 30-60 bps that means its just scared investors buying overpriced bond proxies so they can claim they are still long.
At one point, yes. I was also up like 500 points on my other NQ short from 2 weeks ago. An interesting thing I noticed this morning was the VIX actually was higher at the open and then went down. Looks like a lot of people weren't convinced it was good news even at the open.
%% LOL Good points\ except the gasoline sellers[ dealers, commercials ]never got your memo. Hard to predict \even more so in an election year. Most stuff including what yoiu noted /is still in a long term uptrend except bonds\LOL I see your points Nitrene\ i would not call it a fake or rigged rally ; typical bear rally\SPY \spxl\UPRO\SSO is still below 200dma..................................................
Man am I glad I didn't stick to my oppinion. LUL. First day in daytrading (switching from swing trading).
Just as I thought, another fake rally yesterday. I mean really why would you buy tech stocks with a 11.2% PPI print?