Hello Everyone,
The CPI and core both came in right in line with expectations. The market gyrated around breakeven a few times but managed to close slightly green. The bulls remain in control for now. With that being said the RSI 5 is now registering the most overbought reading since the August highs despite not yet clearing the previous high in December. Also the number of stocks above their 20 day EMA is also very stretched along with some other indictors. Respect the trend but protect profits by trailing up stops. Earnings season begins tomorrow with several big banks reporting. We managed to catch a few nice trade ideas in the community today - however some of these are meme stocks and when they get bid up it suggests speculation rampant.
Please take a moment to look at the trade ideas.
