Tom Essaye interviewed by Barron’s
In an interview with Barron’s, Tom Essaye of Sevens Report Research said the durable-goods number showed stable growth while the consumer confidence reading was light.
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In an interview with Barron’s, Tom Essaye of Sevens Report Research said the durable-goods number showed stable growth while the consumer confidence reading was light.
Sevens Report technical analyst Tyler Richey laid out the case for a looming pullback for bitcoin as its relative strength index, a tool commonly used by technical strategists to measure the sustainability of a sharp rally or selloff.
Yesterday’s weekly inventory data from the EIA was largely bullish but the futures market had become overbought…analysts at Sevens Report Research wrote in a note.
“Growth is holding up, and that’s the key,” Essaye says.
“The major question for tomorrow’s meeting is what do the dots say: two or three rate hikes?” Essaye says. “That’s really gonna determine how the market reacts to this meeting.”
“The March FOMC meeting begins today and barring any material ‘tape bombs’ the markets should fall into a familiar positioning churn ahead of tomorrow’s policy announcement and Powell’s press conference,” writes Sevens Report Research’s Tom Essaye.
“The key is growth, it’s not rate cuts,” Sevens Report Research’s Tom Essaye told Barron’s.
Chinese retail sales rose 5.5% [versus expectations of 5.2%] and industrial output jumped 7% [versus expectations of 5%] to start 2024, easing some growth concerns surrounding the world’s second largest economy, however property sector woes persist, said Tom Essaye, the founder of Sevens Report Research.
Economic data this week has not been positive for stocks and while it hasn’t invalidated any of that bullish mantra, it has weakened it, Tom Essaye, founder of Sevens Report Research, said.
While the fundamentals are positive, they still don’t justify current valuations — making the market vulnerable to a negative surprise.
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