Trading the Charts for Thursday, October 12th
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This is going to be a shorter newsletter because we get CPI at 8:30am EST and I don’t want to waste too much time going through hundreds of charts in the case that CPI comes in hot and the market tanks.
The market brushed off the warmer PPI number yesterday because it’s more focused on CPI plus the 10Y yield is coming down and the FOMC speakers are out there talking about how they might be done with the hikes because of the higher yields on the long end of the yield curve.
I’m almost fully invested in my trading portfolio but I’m willing to go up to 150% if the markets continue to grind higher, the 10Y continues to come down and I continue to find compelling setups every morning. I’m less concerned with how much exposure I have and more concerned with the price action, quality setups, strong breakouts, etc which are signs of a good market where you want to be pressing the gas pedal.
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