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OP: Never Short a Dull Market
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OP: Weak Historical Stock Market Stats Meet The New Covid-19 Delta Variant
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SpyGate is now available free to members of IMPRO and MIM trading room. Join the MiM.
The annual inflation rate in the US soared to 4.2% in April of 2021 from 2.6% in March and well above market forecasts of 3.6%. It is the highest reading since September of 2008, amid a surge in demand as the economy reopens, soaring commodity prices, supply constraints. There is also a base effect weighing as the coronavirus pandemic dented economic activity bringing the inflation rate to 0.3% in April 2020. The biggest increases were recorded for gasoline (49.6% vs 22.5% in March), fuel oil (37.3% vs 20.2%) and used cars and trucks (21% vs 9.4%). Inflation also accelerated for shelter (2.1% vs 1.7%) and new vehicles (2% vs 1.5%) and rebounded for apparel (1.9% vs -2.5%), but slowed for medical care services (2.2% vs 2.7%) and food (2.4% vs 3.5%). Meanwhile, compared to March, prices rose 0.8%, the most since 2009 while monthly core consumer inflation increased 0.9%, the most since 1996. source
Chart of the Day
First Trading Day Of May
The S&P was weak Friday and after a late bounce it sold off to a new low at 4167.25 just before the 4:00 ET cash close. After a week of record tech earnings, the S&P traders took profits on the close. It was a long day of ‘grinding price action’ that could not have looked worse but on Globex Sunday night the futures traded up to 4194.25 around 9:00 PM, up 11.5 points or 0.28%, negating Friday’s decline. In terms of the ES’s overall tone, it acted poorly but not overly. In terms of the day’s overall trade, volume was steady at 1.85 million. Say what you like about the S&P but it’s up 30% since November and isn’t giving up much ground. According to Refinitiv, a record 87% of S&P 500 companies have beat earnings estimates, and earnings look to be growing by more than 46%. The S&P closed out April up 5.2%, the Dow rose 2.8% and the Nasdaq gained 5.4%.Kind of hard to argue with that, huh?
MiM & SpyGate
The MOC was a decent 1.3B to sell but the market took off in an unstable stampede into the close. Spygate was there to capture the buy programs all the way up and to keep traders from making the mistake of going short.
It had been a very light day in the program trading world with just 38 trades detected but those were all at the end of the day. An upside waterfall like yesterday’s close doesn’t happen too often but that 20-point run sure felt like 100.
Spygate is now part of the MIM trading groups data.
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