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Why Did Cyclicals Collapse Yesterday?

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What’s in Today’s Report:

  • Why Did Cyclicals Collapse Yesterday? (Reflation vs. No-Flation)

Futures are slightly lower following a generally quiet night of news.

Economic data was mixed overnight as UK Retail Sales missed estimates (-1.4% vs. (E) 1.8%) while both Japanese and German inflation metrics (CPI and PPI) slightly beat estimates.

The Bank of Japan made no change to policy and extended its COVID lending programs by 6 months (as expected).

Today there are no Fed speakers and no notable economic reports so focus will be on the “micro-economic” and whether we see a continuation of the large tech outperformance from yesterday. Also, there is a quadruple witching options expiration today which will cause large volumes (and possibly volatility) into the close.

Tom Essaye Quoted in Yahoo Finance on June 10, 2021

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Stock market news live updates: Stocks rise, S&P 500 hits record despite hotter-than-expected inflation data

In the past two months, everything the market priced in has essentially happened. COVID is effectively over here in the United States, we’re not getting…Tom Essaye, president of Sevens Report Research, told Yahoo Finance on Wednesday. Click here to read the full article.

Tom Essaye Quoted in Nasdaq on March 17, 2021

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Already Up 130%, This ETF Is Set to Soar Post-COVID

“Now, with COVID ending and the labor market improving, it stands to reason that people who receive a check but that also might now be experiencing financial hardship will…” said Tom Essaye, editor of the Sevens Report. Click here to read the full article.