- Morning Briefing w/ KevinD
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- Friday July 12 @ 9:00am
Friday July 12 @ 9:00am
KevinD
July 12, 2024
“Be who you are and say what you feel, because those who mind don't matter, and those who matter don't mind.”
📺️ Programming Note
Due to fewer trading opportunities and reduced liquidity on Fridays during the summer doldrums we’ll be publishing a condensed version of our regular newsletter. Economic and earnings events for the day, along with some brief commentary will be included, however we will not cover overnight and pre-market action. Enjoy your weekend!
🌏 Major Global Catalysts
Consumer prices fall in June. (link)
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Core PPI m/m: 0.2% expected, 0.0% previous. Change in the price of finished goods and services sold by producers, excluding food and energy. (link)
8:30am PPI m/m: 0.1% expected, -0.2% previous. Change in the price of finished goods and services sold by producers. (link)
10:00am Prelim UoM Consumer Sentiment: 68.5 expected, 68.2 previous. Level of a composite index based on a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. (link)
10:00am Prelim UoM Inflation Expectations: 3.0% previous. Percentage that consumers expect the price of goods and services to change during the next 12 months. (link)
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
Pre-Market Monday:
💬 Commentary
Inflation fell in June, slightly more than expected, boosting the odds of a September rate cut to 93%. Volatility and volume expanded for the second straight day with a rotation out of large-cap tech and into small caps and interest rate-sensitive industries like home builders and solar. SPY closed down nearly 0.9%. The Q’s fell more than 2% as tech suffered, and Tesla plunged 8% on their robo-taxi delays. IWM was the major beneficiary of heightened rate cut expectations, surging 3.6% to close near its 52-week high on the strongest volume seen since February.
Today’s major catalysts include the pre-market Purchasing Managers Index (PMI) report, providing insight into inflation at the producer level, consumer sentiment and inflation reports, and the beginning of earnings season with some big banks reporting this morning.
⛵ When you’re ready…
Some tools/resources that I personally find valuable.
A powerful yet simple fundamental analysis tool: Stock Unlock
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The trading journal to help improve your trading performance: Tradervue
Analyze trade ideas with me, KevinD, in live calls: My trading group
#1 charting software for serious traders: TradingView
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