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CPI, Retail Sales and Triple Witching Week
We have two days before we must buckle up.
Danny Riley
September 11, 2023
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Our View
Despite the tech rebalance earlier this year, the problem with the market is that there are still 7 to 10 stocks that control the indices. When the Nasdaq bellwethers Nvidia and Tesla are weak, it is hard to charge higher without some drops. When FAANG wavers, the S&P tends to do so as well.
Long story short, tech is still driving the narrative in US stocks.
I always say there are three parts to the trading day and it could not have been more clear during Thursday night's Globex session and Friday's day session.
This week, it all boils down to three things: The consumer price index (CPI) report on Wednesday, retail sales for August on Thursday and the September triple witching expiration on Friday.