Trading the Charts for Friday, May 12th
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Good morning and Happy Friday,
Not much commentary today other than we got through CPI and PPI this week, both of which turned out to be non-events and should keep the FOMC on pause for the June meeting.
Earnings season is coming to an event so it’s time to study some of the names that had the best reactions and figure out which ones could keep ripping for the next couple weeks. I typically like to buy these names on the first mini-pullback into the 5/6d ema where I can manage my risk properly.
Equity futures up slightly.
2Y yield at 3.92%
10Y yield at 3.41%
Chances of another 25 bps rate hike at June FOMC meeting = 9.6%
Oil still hovering in the low $70s, if it starts moving towards $80 then I’d want to consider some energy stocks including solar since they tend to move in tandem.
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