Nervous Market. Buying $FOUR.

June 9, 2024 - Update

My quick weekly take.

The NASDAQ closed 2% up on below-average volume. The chart looks healthy although we might see a retest of the upper box area as we are moving into a week of plenty of commentary from FED officials and the CPI report:

Momentum is good as the MACD line crossed the signal line from below.

From a Macro perspective, the 10-year treasury yield closed the week slightly lower. The next CPI report will be very important in influencing the next move on the 10-year treasury yield. The market has been very sensitive to any macro-data point lately.

My take:

• The economy looks still strong enough with a GDP forecast for Q2 2024 at 3.1%

• Too hot economy data (economy too strong) puts pressure on inflation, pushing future rate cuts further down the road

• A better-than-expected CPI report would be beneficial for the market, especially in the absence of …