Tackle Today: Inflation Data Highlights the Week Ahead
February 12, 2024
And Quite a Few Fed Speakers
Coach Mark here.
Love is in the air this week as Valentine’s Day approaches…at least for the bulls. Bears do not get many “Be Mine” hearts this week as the rally broadens to start the week. Monday morning is bringing broad participation and we will see if the market can finally rally in 2024 beyond a handful of stocks.
It is inflation week from a macro perspective. The big event of the week will be CPI (consumer inflationary numbers) data this week although there is also additional inflationary data this week with the PPI (producer inflationary data) and University of Michigan inflation expectations on Friday. The macro narratives of falling inflation, resilient economy, and coming rate cuts have fueled a rally that is resulted in the S&P 500 up 14 out of 15 weeks. That has not happened in 50 years!
In addition to the inflationary data, we get carious housing data points throughout the week with Thursday being the big day on the reporting front for other economic reports with unemployment claims, retail sales, industrial production and factory orders all reporting on Thursday.
In addition to all that we have Fed speakers scheduled early and often this week and a slew of earnings reports as earnings season comes to an end. Will not quite be as busy as two weeks ago but certainly a lot going on this week!
As always, we will break it all down throughout the week on our various programs. Also be sure to check out the Trading Justice podcast from yesterday where Matt and myself had a great conversation on the market backdrop titled “Navigating Market Valuations.” You can listen to the podcast here. Have a great week ahead!
Chart of the Day: Small Caps (IWM)
Small-caps making a run of things to start the week. A lot of areas of the market have not participating in the rally in 2024 but the last few days certainly has seen broader participation.
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