Perfect Bullish Storm
"One month of data does not a victory make," Mary Daly said Thursday, speaking during a Q&A for an event hosted by the European Economics and Financial Center.
Daly was, of course, referring to the October CPI report. While policymakers were keen to avoid suggesting that 6.3% annual core inflation counts as any kind of "win," markets took a victory lap. Or maybe a victory sprint is more apt.
The Nasdaq was an astounding 7.4% higher headed into the closing bell, the S&P 5.5%. The NYSE F
You can’t always get what you want, but if you try so hard, you can get what you need….
Tip of the hat to Mssr. H for calling this one.
NASDAQ rallies 800-900 points after last 2 CPI prints. One bad , one good. How much of these moves is the market catalyzing on the event and not the event data?
Reminds me of a one day rally in NASDAQ during the bear market of 2000-2002, think it was mid-2000 and +7%, the biggest move I’d ever seen.
Instructive to see what sectors were on top today. XLK XLRE XLY XLC. Start there to assemble a shortlist of rate-sensitive (in the inverse sense) names that are down a lot YTD and not likely to get crushed on 4Q earnings. Preferably somewhat down-cap.
Sorry, my memory was wrong. NASDAQ had 7 or 8 up moves of >7% in 2000.