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“If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffett

Futures are pointing to a modestly lower open this morning, and they’re right near the lows of the morning as European stocks opened the day higher and have steadily sold off throughout the morning session there. Two culprits are behind the weakness in Europe.  The first is a hot CPI report which showed y/y increases of 3.0% versus 2.2% last month.  The second is technical; after opening back up above its 50-DMA this morning, the STOXX 600 couldn’t hold on to that level after closing below it in each of the last two trading days.

The economic calendar is light today with the only report on the calendar being Michigan Sentiment, and economists are expecting a modest rebound following last month’s plunge.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

With the S&P 500 on pace for its eighth down day in the last 10 trading days, there’s a good degree of trepidation on the part of investors lately.  Look no further than this week’s sentiment survey from the American Association of Individual Investors (AAII) where bullish sentiment plunged as an example. One encouraging aspect of trading the last several days is the performance of semiconductors, a sector we consider to be a good barometer of the market’s direction.  Yesterday, for example, the VanEck Semiconductor ETF hit a new record high and finished in positive territory for the sixth day in a row.  Not only that, but in the last 20 trading days, the ETF has finished the day lower only four times.

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