A busy macro week that can potentially change equity market direction: 1 Hot CPI on Tuesday and equity + bond both sold off significantly 2 Cold Retail on TH saw recovery 3 Hot PPI put nail in the coffin for PCE on 2/29. Inflation seems to have bottomed. 4 OPEX did not dissappoint and SPX and NDX both closed around LOD. Bonds at support. 5 Dollar stronger against other currency and gld due to yld spike. SOFR now implies only 90 bps of cut for 2024. ================= next week (2/20-2/23)=============== Not much macro on calendar. Only Weds 2/21 FOMC Minutes. All eyes on NVDA ER on 2/21. SMCI sold off 20% from peak. Now OPEX and ER season mostly behind us, and rate market screaming higher, will equity market finally catch down to bond? |