How to Recognize a Blow Off Top
Good Morning,
Today’s Report is attached as a PDF.
What’s in Today’s Report:
- How To Recognize a Blow Off Top
- Don’t Sleep on Inflation? (PPI Just Hit a Multi-Year High)
Futures are slightly lower as markets digest yesterday’s rally following a mostly quiet night of news.
News on COVID-19 was mixed as China did another “diagnostic change” and the number of COVID 19 cases fell, while in South Korea the number of infections rose. But, markets still view the transmission rate of the disease as peaking (and this assumption is what’s driving markets higher – and it’s also the greatest source of near term risk for stocks if the situation changes).
Economic data was sparse but German GfK Consumer Climate and British Retail Sales both beat estimates, although neither is moving markets.
Today there are two notable economic reports, Jobless Claims (E: 211K) and Philly Fed (E: 12.0), and as remains the case, the stronger the data, the better (markets will especially be looking for confirmation of the strong Empire report from Philly Fed). There is also one Fed speaker, Barkin at 1:20 p.m. ET, but he shouldn’t move markets.
Please email info@sevensreport.com if you have any trouble downloading today’s Report.
