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Flying high off of low CPI

Morning folks, this Thursday is looking to be an interesting day for the markets! Bulls are banking on strong earnings from mega-corps like Disney and lower-than-expected CPI numbers to continue the rally into another trading session. On the other hand, bears are hoping for a slowdown as more and more indicators point towards a recession in the near future.


"The most luxurious possession, the richest treasure anybody has, is his personal dignity." - Jackie Robinson


Market Talk

As we predicted in Tuesday’s edition markets (link here) the CPI print came in lower than expected and as a result all three of the major indices experienced a substantial move upwards. The DOW climbed 1.63%, the NASDAQ jumped 2.89%, and the S&P rose by 2.13%.

As we head into Thursday’s trading session, futures on all major indices are up, as of the time of writing S&P futures have risen by 52bps, NASDAQ futures are up 48bps, and DOW futures are in the green by 61bps.


Long: EQRx (EQRX-NASDAQ) | Timeline: 2 days

EQRx, Inc., a pharmaceutical company that engages in developing medicines primarily for the treatment of oncology and immune-inflammatory diseases in the United States has reported material earnings this morning. CEO Melanie Nallicheri mentioned, “our team remains focused on advancing these programs towards regulatory approvals, building our Global Buyers Club, and maintaining our strong financial position that provides expected cash runway at least into 2025,” (Source) creating more hope for investors as a green earnings season continues to drive optimism. Taking a look at the chart, EQRx has re-entered a bullish cycle after its share price breaking through the 50-day MA, and the MACD continuing to oscillate above its equilibrium. That being said, the stock has formed an ascending triangle - a popular formation amongst traders that provides a clear entry point, profit target, and stop-loss level through a breakout from its triangular pattern.


Chart of the Day - Gold Miners vs. Utilities: Dividend Yield Differential

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