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Wouldn’t you just love to be on the Fed right now? As the FOMC is in the early stages of what is expected to be its most aggressive rate hiking cycle since the early 1980s, the first read on Q1 GDP not only came in weaker than expected but it actually declined more than 1.4%. Whether or not they put themselves in this position in the first place or not, we don’t envy the place they are in now. Other economic data this morning was mixed. Personal Consumption came in weaker than expected (2.7% vs 3.5%) while the GDP Price Index rose more than expected (8.0% vs. 7.2%). Jobless claims were right in line on an initial basis but came in ever so slightly higher than expected on a continuing basis.
In today’s Morning Lineup, we recap overnight events in Asia and Europe (pg 4), take a look at the collapse in the yen (pg 4), sentiment in Europe (pg 5), and then a look at 2%+ gaps higher in the Nasdaq 100.
Many of you liked it the last time we did it, so this morning we are bringing back our little game to test your chart reading abilities and see how good of a technical analyst you are. Take a look at the chart below. It’s a one-year stock chart of a US company in the period spanning August 2020 through August 2021. Looking only at the chart pattern do you think the stock was higher or lower six months later? Make a decision and click on one of the buttons below to find out if you picked the right trade (the answer will appear in a new window). Good luck!
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