Hey friend,
We got the usual weekly jobless claims numbers this morning.
The numbers came in both above expectations and last week’s data.
And after the CPI data yesterday, we got the PPI data today.
It showed producer prices increasing by a staggering 6.5% annually (1.1% monthly) – substantially above expectations.
Still, personal consumption rose 1.1% for the month – a fairly robust figure.
Let’s see how the markets have been moving.
The Daily Direction
Note: Indexes closed sharply lower again yesterday – but appear to be getting a bit of reprieve this morning. All short-term index directions remain downward.
The Daily Nugget
You don’t have to believe the hype to participate in it.
The SpaceX IPO lands tomorrow…
And it brings with it one of the biggest hyped-up spectacles in modern finance.
You would have to be absolutely blind to see that it’s full of hype (regardless of underlying value).
Many people think it’s black and white…
Either you buy into the hype – and get in…
Or you disbelieve it – and stay out.
But here’s the nuance…
You don’t have to believe the hype to participate in it.
Because momentum rules a lot of the market – especially in the shorter term…
It can be absolutely rational to participate in the hype – even if you don’t believe it.
That’s why even though Head Trader Ross Givens believes that the SpaceX IPO is massively overvalued…
He’s still requested IPO shares from his broker.
Because there are rational reasons – such as momentum and forced index buying – that could send the stock materially higher in the short term.
And tomorrow, Friday June 12 at 11 a.m. Eastern…
Ross will be hosting a real-time market update to show you exactly what he’s seeing as the SPCX trade goes live.
During the broadcast, he will go into the live market to analyze the price action around SpaceX…
Explain what he’s seeing from a macro and sector-level perspective…
And even show some trade setups most people will overlook as they hyperfixate on Elon’s latest venture.
This is hands-down one of the biggest, most exciting stock events of Ross’ 20-year career…
And he can’t wait to share it with you.
Attendance is free, but seats are limited.
And considering the massive hype around this IPO, we’re expecting a packed room.
So make sure you click here to reserve your seat early for Ross’ live market update tomorrow…
And he’ll see you Friday morning at 11 a.m. ET.
P.S. Planning to attend on a mobile device? Make sure you download the presentation apps now so you don’t miss a second of valuable information.
iOS: https://apps.apple.com/us/app/goto/id1465614785
Android: https://play.google.com/store/search?q=goto&c=apps
The Traders Agency Team