More volatility this week with most indexes finishing slightly down except for the QQQ which continues to outperform primarily based on a few of the larger capitalized names. CPI data came out Wednesday and was pretty much in line however, PPI number on Thursday was weaker than expected. PPI usually leads CPI so based on this relationship; one could expect inflation to continue to drop.
Jobless claims showed an unexpected increase on Thursday and Consumer sentiment was also weaker than expected on Friday. All these data points added to fears that we could be heading for a recession.
Let’s not forget about the debt ceiling issue which is still unresolved but will probably get fixed before things get too out of hand. All the issues discussed above will likely keep us range bound for the most part with maybe a bit of a bias to the downside for most stocks.
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.