Interesting action last week as some economic data came in a lighter than expected. Jobless claim numbers also increased significantly which seemed to indicate that the higher interest rate environment is starting to impact the economy. Of course, this is what the Fed is hoping to see with inflation maybe starting coming back down. Right now, a majority of market participants are expecting pause on rate hikes at the coming meeting this week.
Other notables include the incredible run TSLA has had this week on announcements of its charger network sharing with F and GM. On the flip side the SEC has ramped up the attack on crypto by launching lawsuits against Binance and Coinbase. Bitcoin and Ethereum have held up moderately well but many of the other altcoins have really been slammed.
Big events next week will be the CPI number on Tuesday, PPI on Wed morning and Fed rate hike decision Wednesday afternoon. Bulls will be hoping for a weakening CPI, PPI and a pause on hikes. Watch for lots of volatility when Fed Powell starts to speak after the rate announcement.
What to Watch for this Week:
Sectors in Play Last Week:
Earnings this week:
Brian (Randy) Pezim is a Canadian trader and investor, with a focus on swing trading equities as well as day trading.