Hey friend,
The latest weekly jobless claims data came in at 211,000 – ahead of both last week’s numbers and consensus expectation.
We also got retail sales data, which showed a 0.5% growth – in line with expectations but just a third of last month’s numbers.
Then there was the import price index.
Given the situation in the Strait of Hormuz and the inflation numbers, it’s not surprising we saw a sharp uptick.
The growth in import prices came in at 1.9% – more than double last month’s numbers.
The Daily Direction
Note: Indexes closed slightly largely higher yesterday and have generally been moving higher today – keeping all index directions in the green.
The Daily Nugget
Too much skepticism can actually kill your gains.
This might strike some people the wrong way at first.
After all, skepticism is one of the best qualities a trader should have.
However, there is a line where some traders become “too” skeptical…
That they flip into becoming cynics and pessimists – distrusting every piece of good news or strong price trend in the markets.
Remember, as humans we all have a negativity bias.
We will always pay more attention to negative news.
This kept our ancestors alive on the savannah.
But it can actually stop us from making money in the markets.
Because when you’re skeptical of an exuberant, bullish market…
You tend to stay on the sidelines or be extremely conservative…
Which leads – plain and simple – to missed opportunities.
Remember it’s not about not being skeptical…
It’s about where the line gets crossed…
Where you start to even doubt the strongest price action – and miss out as a result.
As Head Trader Ross Givens explained in his newsletter this morning…
It’s unlikely we’re approaching a market top anytime soon…
Even though a lot of traders may feel that way.
And that’s something we can take advantage of.
Tomorrow morning, Ross will show you how.
Stay tuned.
The Traders Agency Team
