NEW HOTTER INFLATION DATA – MOMO BUYS THE DIP, FED BLUNDER SHOWS UP IN ROARING MEME STOCKS
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Hotter Inflation Data
Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
- The chart shows the stock market is in the resistance zone.
- As is their pattern, the momo crowd was buying ahead of the release of the Producer Price Index (PPI) on hope strategy.
- The momo crowd’s hopes were dashed when PPI data came much hotter than expected. Here are the details:
- Headline PPI came at 0.5% vs.
May 14, 2024