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Core PCE No Stunner?

S&P 500 didn‘t really waver on strong GDP that didn‘t fall in line with soft landing the way unemployment claims or durable goods orders did. The upswing was though sold into, and weakness across tech developed, only to be sealed aftermarket on weak INTC guidance. The rise in defensives (XLU and XLP) was more worrying, but the communications and NFLX picks I served so many weeks ago to clients, have worked (and will work still) wonders.

Here is a snapshot from our channel as to what I expect from core PCE as well.

intraday

How am I playing it premarket? Intraday clients are since earlier today enjoying an ES long that would end up with +9 ES pts at worst (risk-free now with locked in gains).

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 2 of them, featuring S&P 500, and oil.

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Crude Oil

crude oil

Crude oil accelerated to the upside, and that‘s a sign of a much needed pause and intraday correction till the close continuing – even if there‘s weekend ahead in the Red Sea.

As regards gold, I‘m looking for the (tepid) premarket upswing to continue with a spike, if core PCE turns out getting hotter. And it hesitantly did.

Copper is seeing the strong upswing consolidating, and similarly to cryptos building a floor, it‘s slated to continue medium-term higher. That‘s the effect of fresh China stimulus, improving global liquidity, which would see commodities benefiting – and ultimately helping risk-on, keeping risk asset prices elevated.

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Monica Kingsley
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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