Hey friend,
The CPI data came out this morning.
It showed CPI inflation jumping to 3.3% from a year ago – a huge increase, but one that was in line with forecasts.
Core CPI came in at 2.6% annually, which was actually slightly below expectations.
We also got factory orders data, which was flat month-to-month – even though economists expected a marginal increase.
Finally, there was some preliminary consumer sentiment data from April.
It showed consumer sentiment dropping to a record low, driven by surging inflation, the Iran conflict, and rising gas prices.
The Daily Direction
Note: All indexes closed higher again yesterday and opened higher this morning as well – although their movements have been mixed thereafter. No change in any index directions.
Check This Out
Before you head off for the weekend, did you hear about the stock that crashed nearly 80% – but Wall Street believes could 3X from now?
If you haven’t, then click here to watch this now.
The Daily Nugget
The market doesn’t owe anyone “should”.
One of the most dangerous words in the market is the word “should”.
Turn on CNBC, and you’ll have a row of talking heads telling you what the market “should” do.
And with so many people trading stocks nowadays, even your Uber driver may have an opinion on what the market “should” do.
Some of them will even be right.
But the most insidious trap…
Is when you yourself hold on too firmly to a certain view of what the market “should” do.
That’s when bias creeps in.
You stop seeing what’s actually happening and start filtering everything through what you expected to happen.
It’s why the smartest traders strip out the noise, stay nimble, and commit to process – not predictions.
That’s exactly how Head Trader Ross Givens approaches the market.
He’s not reacting to opinions or headlines…
He’s reading what price is telling him, day by day.
He isn’t trading what the market should do – he’s trading what it’s actually doing.
Keep that in mind as you read the clickbait headlines and uninformed opinions.
The Traders Agency Team
