Market summary 11th August
Market Summary 11/8/2023
Today, all eyes were on the pre-market CPI report. It posted expected results, with a headline YoY figure of 3.2% and a Core reading of 4.7%. Although the data suggests a favorable trend, the market's response was less than ideal. The QQQ initially surged, only to reverse by nearly 2% later, salvaging a positive close due to a late rally. Compounding concerns, today's performance coincided with another day of net lows, while several leading stocks faltered at crucial averages and resistance levels.
These net lows and short-term technical hiccups don't immediately spell an impending bear market or even a significant downtrend. To me, they signify a market that remains challenging for long positions. This dynamic can shift rapidly without a drastic decline. Looking at the top-tier stocks, their sharp declines in recent weeks are notable. This downturn seemingly initiated when net lows emerged on August 2nd. Our patient and strategic stance has thankfully shielded us from the worst of these downturns.
There's speculation that, due to a recent surge in oil prices, the market anticipates a slight uptick in inflation in the upcoming months. It's worth noting that this rally thrived on decreasing inflation, even amidst climbing rates. Currently, it appears the market is peering ahead with apprehension. However, the revival of net highs offers a silver lining, providing opportunities to spot leading stocks, reminiscent of the trends seen in early January and late May.
Personally, I am still eyeing on $Tesla (TSLA.US)$ , $Super Micro Computer (SMCI.US)$ even though the gapping down from earnings. $Freshworks (FRSH.US)$ after its earnings has been working well, looking to participate on my setups.
Just checking on how many followers are from Malaysia, can you leave a comment if you are from MY look forward to more updates on MY market, comment and let me know!
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