Hi all! Personally, l expect an hotter than expected CPI data which will initiate the 10% selloff that l anticipated from current levels. The higher than expected PPI data today supports the probability of hotter CPI as well. Usually, the producers pass on the costs to the consumers as per normal.
I will be building on my short positions taken with the expectation of a double top formation of the major indexes and increasing it significantly if the support neckline of $515 for SPY breaks. This is a good opportunity to add on your holdings in value stocks during the correction and buy into the correction as l believe the bull run to be intact and we should finish the year strongly.
However, if the data is cooler or the bulls resilient with in line or slightly higher readings. I think we are in for a summer rally which ATH will be created without doubts. I will close off all short positions and maintain only my long positions in SEA , Tesla and Palantir. I don't believe and understand this rally so OMO (Ok missing out). May the market be with you!
Modify on 2024-05-15 15:44
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