Market On Open, Wednesday 13 November
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CPI
by Alex King, CEO, Cestrian Capital Research, Inc
CPI prints today at 0830 Eastern. Most likely the number ticks up a little from last month. A year or two ago, an hot CPI number would torch equities; today I’m not sure. The Fed has committed to a path of cutting; the incoming Administration is hardly going to do anything to encourage the Fed to hike rates; and since in the short term it is rate hikes that hurt equities, not inflation per se, I am not sure we get a particularly violent reaction from stocks - at least, not the major indices or major stocks.
As normal we can expect some just-for-fun swinging of the mace at 0830, as market makers seek to dispense fear towards all corners, and anyone with proximate stop-losses can look forward to having them taken out and then the market reversing away from them. Towards the close we might get a sense of what the market really makes of the CPI number.
Let’s see where markets stand right now. But before we do, a quick note on some changes to our terms & conditions heading your way.
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