Mack’s Mid-Morning ES Price Action Chart 04-10-2024
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Just as expected, the CPI numbers came in higher than what the government was telling us to expect. Even worse, is they continually update previous announcements, and we always find out they fudged them to look better, so the numbers are even worse than being reported. You cannot believe anything they tell you, and things are not as nice and rosy as they would have you believe. Inflation is through the roof, and everything continues to rise in price, so there is no way they are going to be able to lower interest rates. The market had built in at least two rate cuts, and as you can see, when the news comes out, the market drops 100 points in only a few minutes, because the market was wrong on the rate cuts.
I told my son about a year ago that we were reliving the 70s all over again. Just look at what happened then and try and profit from it now. Real Estate, Gold and Silver all boomed during those times, and it is booming again now. There are probably other opportunities too, like crypto currencies, which we didn’t have back then. I was slow to accept the Cryptos, but I finally have started dipping my toes in them and so far, all are doing well.
We are likely in only the early stages of the booms, so it’s not too late to take advantage of these things in my opinion. The stock market is going to react permanently at some point, but it probably will not be until after the election unless the selling gets so bad that they cannot keep things propped up any longer. In my opinion, everything is an illusion, so do not let them fool you. Do not listen to the news, just do your own research and you will come closer to the facts. Diversify into assets that do well during high inflation to protect your savings and wealth. I only listed the obvious ones, but I am sure there are other opportunities that do well during high inflation.
The emotions of the news release have subsided now, so I am certain they will try and rally it all back again today, just as they have after every other recent drop. For now, there is a slight upward bias, although the negativity of a 100-point drop in only minutes will likely keep the market choppy and volatile. Follow the price action and let it determine how you trade for the day.
Comments
aisakhsd2020 April 10, 2024 at
Hi Mack,
it is laughable to expect rate cuts, don’t know what all these people, so called experts, “smokin”.
The economy need at least 2 more rate raises to bring down this hot inflation. See how high prices, gas,
groceries, car insurance, home insurance. We go 3 people to restaurant in Manhattan pay around $500.
It is awful, everything is very expensive.
Thanks.
Mack April 11, 2024 at
I agree. Biden is in a jam, and he just keeps trying to gloss over it. I think rates are just getting started towards going much higher. It’s going to take a crash of some type to slow the inflation, and they probably won’t let that happen. The more likely scenario is they keep printing and borrowing money and interest rates start climbing again.