EB Daily Market Report - Wednesday, June 14, 2023

Dear Members.

A brief report today and Tom will be back tomorrow with his regular Daily Market Report.

It's Fed day and we've got a mixed picture with the S&P and NASDAQ in the green while the Dow is lower. Tech stocks continue to lead the way with both the S&P and NASDAQ putting in fresh 52 week highs.

This morning's PPI seemed to have satisfied the bulls as traders now await the Fed rate decision due at 2:00 pm EST. The consensus is no change in rates this time around and trader's will then look for clues to see if the Fed is done or might consider raising at some point in the future.

With monthly options expiring this Friday we continue to see a large imbalance of calls to puts; everyone is betting on the long side. So we're going to find out if that has any negative impact over the next few days and into early next week. In the meantime, the bulls continue to be in charge while the bears are hoping for a shift in momentum.

At your service,

John Hopkins