Tackle Today: It is a VERY Dovish Day in the Market

«CPI Data and Retail Sales Send Yields Falling»

Coach Mark here.

A busy week in the market today and the economic news out this morning is hard to interpret as anything but dovish. Not a fantastic, but a favorable CPI inflationary print this morning coupled with negative economic readings out of retail sales and the Empire State Manufacturing Index have sent yields down sharply this morning as rate cut odds increase. As a result, we have a bit of everything rally (unless you are a meme stock) with equities, gold, and bitcoin all rallying. Heck even oil is not DOWN on the day!

Markets love to rally when rate cut odds go up. We will talk about this more in depth this weekend in the Tackle Trading Newsletter but this is a simple function of the market that is important to understand. When rate cut odds increase, markets tend to rally.

So where does that leave us now as we leave earnings season and have a lighter economic news front for the rest of the month? As traders it leaves us in a nice spot as we can turn to technical analysis, trade setups, and portfolio management. As we leave periods of catalysts bullish and bearish setups become enticing as it becomes more of a trader’s market over an event market in the coming weeks as setups on both the bull and bear side come into play.

Have a fantastic Wednesday!

 



S&P 500 ($SPY)

That would be a new all-time high on the SPY today. We are a bit overextended from moving averages but new setups are going to look very enticing after this move.

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