Market Moves Sideways After CPI, Closes Down For First Time In 6 Weeks

Key Takeaways

  • S&P closed at 4,682.86 down from an ATH of 4,697.52 last week. This is the first losing week after 5 consecutive weekly gains and a strong move higher.
  • Consumer sentiment hit a 10-year low as the University of Michigan Consumer Sentiment Index went down to 66.8 which was a 6.8% drop.
  • The CPI reading came in above estimates this week at 6.2% versus an expected reading of 5.9%, leading to fresh salvos in the inflation debate.
  • Despite several setbacks in data releases, we believe this week represented a healthy consolidation and may be the last and best opportunity to buy before the YE seasonals kick in more forcefully.

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“The soldier above all others prays for peace. For it is the soldier who must suffer and bear the deepest wounds and scars of war.”- Douglas MacArthur

Happy Veterans Day to all that have served and their families. The service and sacrifice of our nation’s veterans have contributed significantly to all of our well-being, and we want to express our sincerest gratitude. It is the first Veterans Day for decades since we have not been involved in a military conflict. We pray this continues!

The big story this week was the CPI reading which came in at a three-decade high. This contributed largel...

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