The market was ready to take off, and for the second session in a row, it was slammed. But this was news that keeps the Fed in play.
After the Michigan Consumer Sentiment release, the market turned lower, hard and fast.
Sentiment declined sharply, but the part of the report that took all the air of stocks was the Inflation Expectations.
Consumers see inflation a year from now at 3.8% up from 3.2% in September.
Higher prices are hitting everyone, and today, they are indirectly hitting the stock market.
The NASDAQ is fading the most after a string of strong weeks. I don’t like seeing it fail at the 200-day, although, getting above these hurdles is often a process.
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