S&P 500 Up More Than 3% Since Rate Hikes Started ๐คฉ
12.7% gain from taking SPX calls after PPI data. The S&P 500 climbed 0.85%, while the Dow Jones Industrial Average added 0.14%. The Nasdaq Composite gained the most, gaining 1.58%.
โ ๏ธ Trading tips: Looking at calls above 450.38 and puts below 448.84 on Friday after bankโs earnings result at premarket. Be nimble with stops to protect capital, buy the base and not the break! ๐คซ
Can we see the 5th green day this week?
The U.S. producer price index rose in June less than anticipated, climbing 0.1% year on year, while core PPI, which strips out volatile food and energy prices, climbed 0.1% โ also lower than expectations.
Overnight in the U.S., all three major indexes recorded a fourth straight day of gains, with the S&P 500 and the Nasdaq Composite closing at their highest levels in over a year.
Choose your poison
In another bullish sign for the market, the S&P 500 is now up 3.3% since the Fed started raising rates in March 2022. The move comes as traders cheer the prospects of the central bank taming inflation without tipping the economy into a recession.
โFor first time in 2023 we are currently being asked by multiple clients if we think the S&P 500 is now on track to clock an ATH before year end. I am going with a yes on this,โ Goldman Sachsโ John Flood wrote in a note Wednesday.
Stronger earnings = weaker dollar
A weaker USD usually means better earnings, and vice versa. With the dollar at 15-month lows and likely headed lower, earnings could see a nice tailwind over the coming quarters.
Higher earnings = lowered recession odds ๐
Trade #1
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I'm Living short getting squeezed because most shorts don't know how to squeeze back...
What happens when the dollar keeps getting destroyed and bonds get sold off ?
After-hours SPX futures are down by ~4.0 points!
IF the Dow goes red, SPY and QQQ will follow...
I'm deploying more hedged puts tomorrow if it's up again. All chart frames are getting ridiculous. Put/Call, Bullish Percent Index. It's all been extreme for a while, but now it's just silly.