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Breakout or Shakeout ? November 12, 2022

Posted by Tom in Thoughts.
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Nov. 11, 2022 – I’m a little under the weather, so this will be brief:

With the release of the CPI data (Consumer Price Indicator) premarket on Thursday, the market shot up big time.  Instead of coming in at 7.9% annual, it came in at 7.7% and that’s all it took.  The markets are having a hard time dealing with expectations.  Is that the bottom? 

Well no one knows if the buying will continue . . . I doubt it.  Disney had lower revenues, Meta & Twitter are laying off and we’re experiencing “Crypto Collapse”.  Economically, things are slowing down and everyone would like to see the FED slowdown interest rate hikes.  The market anticipates economic events and what we saw could very well be short covering.  I expect a buying surge Monday morning then a modest pullback.  What happens after that will give us a clue at to how strong the market really is.

Short Term Sector table –

Have a good week and be just a little skeptical.       ……….  Tom  ………..

Price chart by MetaStock; table by http://www.HighGrowthStock.com. Used with permission.

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