As I’m beginning to type this post, it’s about 5:23 a.m., so the PPI comes out in 7 minutes. By the time I get to the bottom of this post, the PPI will be out, so I’ll have a chance to see what the immediate reaction is. In the meanwhile, it’s remarkable to me how chart-friendly the market continues to be. Look at the /NQ, for instance, and these horizontal lines I drew a while ago. In particular, look at the longest horizontal, which defines the bullish base.
The market was strong yesterday and this morning, so the /NQ went zipping higher, but look at where it turned around (so far, at least) – – almost precisely at the big horizontal.
What’s also interesting (and heartening) to me is how crap stocks are beginning to act like crap again. Take Rebekah Neuman (please!) and her WeWork scam. After the October 13th bottom, it roared higher by 50% for no reason at all. Now, as God intended, it is at lifetime lows (and no doubt will be a penny stock in short order).
Oh, look, the PPI just came out. Did I mention chart-friendly?
