We got the CPI and PPI out of the way and now the market is pricing in the possibility of 6 cuts instead of "maybe 2". That is not rational, if you are a passive investor, you better hope this thing doesn't need 6 cuts because if it does it'll be down 20% or more.
Let's hope we can get through Friday and into Rollover without any more drama.
Consumer Sentiment is at 10 AM, should be more of the same (Dems in the toilet, Repubs more or less happy but slowly declining in sentiment mostly due to inflation and not being able to find workers for their businesses).
It's a good day to press longs. SpotGamma had 656 on SPY as the Put Wall, which is bizarre. They made a mistake I think - Put Wall is really at 640 on SPY. None the less, there is a fair chunk of puts at 656 and that might end up being heavy support. I'm going to press longs as long as we are over 656 on SPY.
Levels:
All the best;
Peter Cook
#NQ_F Chatroom Chief Moderator
Hamzei Analytics, LLC
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