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Wall Street shook off Friday's unpleasant June reading on wholesale prices, climbing to new intraday record highs as the rally broadened beyond a handful of tech-focused mega caps.
PPI rose 0.2% when analysts had expected a 0.1% gain, which is a bit of a sting following Thursday's encouraging June Consumer Price Index (CPI). Core PPI, which extracts volatile food and energy, was even higher at 0.4%, while annual headline PPI climbed 2.6%, the most since March 2023.
Meta to lift restrictions on Trump’s accounts ahead of the election.
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Kondratieff Cycle
A great depiction of 54Y+/- Kondratieff cycle.
Why is the envelope broadening? Population growth?
Used to be good for the economy and commodities.
Not sure if it will continue to predict economic cycles because ...
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Sentiment
Speculation in US index futures is extreme.
Follow me on X (former Twitter) for timely market updates between the newsletters. My X posts and the newsletter go like a “hand in glove.” Timely NQ posts on Friday.
That FLD resistance for #NQ was golden for day traders.
$NQ was stopped by the 61.8% retrace Fibonacci.
On Sunday nite watch #NQ confirming a target to about Fri pre-market low.
#QQQ $QQQ #NDX $NDX #techstocks#StockMarket— BraVoCycles Newsletter (@BraVoCycles)
8:52 PM • Jul 12, 2024
Market Summary
Market Data
As of close on 12 July 2024.
What Has Been
Frenetic US market last couple of days. Great for day traders.
Another day of strength in the broader market outside of Magnificent 7.
Does this market broadening have legs? I am not convinced.
The Asian and European major markets were mixed.
Dow advanced 247.15 points or 0.62% to 40,000.9.
S&P 500 advanced 30.81 points or 0.55% to 5,615.35.
Nasdaq advanced 115.04 points or 0.63% to 18,393.44.
Russell 2000 advanced 23.23 points or 1.09% to 2,148.26.
The 10-year Treasury note yield closed basically unchanged, just below 4.19%.
The Cboe Volatility Index® (VIX) fell slightly to 12.49.
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