As the first full week gets underway, we are running higher and unwinding some of the rotation we saw last week as the whole of the Mag7 pad is in the green. This week we get a big data dump including the all-important CPI plus some important conferences and the start of Q4 earnings season with the big Banks on Friday..
Tech on the run again as the sentiment has changed since last week. Semis leading the space higher.
Cyclicals & Defensives are lagging as people rotate back out of these sectors and into tech & consumer Disc.
The slow bleed higher all day feels that the CTA’s, ETF’s were all kicking in today. The tick Index has hardly been in negative territory all day.
The Dollar is lower & the 10yr yield is back below the 4% level today after touching 4.06%.
Fed President Logan hinted that the tapering of QT could begin with some are saying it could occur at the same time as March rate cuts.
BA is pulling down the Dow Jones index otherwise the index would be in the green.
Conference season has kicked off with some very important ones that include JPM H/care, ICR & CES. Lots of news is coming out on the back of this and it felt like a massive data dump.
China hinting at more easing with a possible Reserve ratio cut. SHCOMP Index is testing Dec 23 & Dec 22 lows.