The PCE came in hot as fuck at 6.3%, but as expected so futures took off. The NASDAQ is looking to gain around 140 at the open, which would mean the overall market is on pace for its first weekly gain since March.
On the issue of inflation, Jim Biden is set to forgive $10,000 in student loans, so don’t give up on the $100 tomato idea just yet.
Imagine the hubris should we extend said gains into yet another week? It’s not our job to fight trends, but to obey them and on occasion predict the future. If inflation data didn’t scare the market down and all of the bad earnings didn’t scare the market down, it’s possible the bad news is baked in and markets want higher.
That being said, be on the lookout for new shoes to drop, new bad news to worry about. I have nothing to offer you now, but the way bear markets work — there’s always something to get in the way of a nice rally.
NOTE: I’m not a believoor and do not ascribe to the notion we have bottomed.
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