1/10 Recap. Nothing Matters Until CPI Thursday.

A nice up day in markets today. We got past hurdle number one this week which was Powell speaking this morning. The next big landmine is Thursday morning when we get the CPI numbers. If you remember last month the CPI numbers were where we exploded higher and then reversed lower and began our nasty selloff. There are a myriad of outcomes, and I truly suggest not gambling anything you don’t want to lose on short term options because I imagine, as usual, it will be max chaos in both directions before finally picking one. Take tomorrow to lighten up what you don’t feel like holding into the event because it is as close to a market wide binary event as you will find.

The SPY

We closed today with a bullish engulfing candle after yesterday’s hideous candle. Notice we bounced right off the previous breakout point and held it. There is not much to say, short term the bullishness continues at least until CPI. We are clearly over some big moving averages and there is nothing bad I can say at this moment from a chart perspective.

Today’s Unusual Action & What Stood Out

I know not all of you pay attention to every name in here but I was just looking back a few days ago when I mentioned 3 unusual trades in ENVX and it’s up 20% in the following 4 sessions. The options market remains undefeated in the uncovering of a big move before it happens. So pay more attention here daily, I beg you. Let’s get into today’s.