EB Daily Market Report - Wednesday, September 13, 2023

Dear Members.

A brief report today as Tom is tied up for the day.

It's September and traders are in super cautious mode with all of the major indexes currently in the green.

In looking at the major indexes you can see that they are all struggling to make any significant progress with the Dow, S&P and NASDAQ hanging out right near their respective 20 and 50 day moving averages. In fact, the S&P is currently just above its 50 day moving average but slightly below its 20 day; trader limbo.

CPI came out a bit hotter than expected with PPI and retails sales on deck for tomorrow. Then the Fed will meet next week to unveil its interest rate decision. So for the moment trader's are looking for a reason to go long while at the same time not are willing to get aggressively short.

Bottomline: The bulls should be pleased that the market is green today in spite of higher than expected inflation. But the bears are looking for any opening that would give them the edge. Accordingly, best to tread lightly here with an eye on capital preservation rather than making big bets on either the long or short side.

At your service,

John Hopkins