Good Jun inflation data weren't really sold into – not even following Fed's Friday pronouncements. Markets are acting as if inflation were to stay low and the Fed pivots, as if Jul were to be the last hike.
For now, even banks are starting to look bright – JPM and other earnings weren't at all bad.
Finally, I got a question whether I could comment on upcoming NFLX, TSLA and GS earnings. I'm not looking for the profits and revenue incl. guidance to trigger a downfall. TSLA and NFLX charts look strongest, and if JPM is any guide, GS isn't to disappoint. In the aftermath, I see TSLA being bought maybe faster than NFLX, and success for GS would be to start rising from the base, which is also doable.
Friday marks start of a correction at best – and one that would go rather sideways than too much down. I'm not looking for rotations to really disappoint, or for tech to tank no matter how overvalued AI themed stocks are in the short-term. Not until USD catches breath and rises again, which isn't really likely unless Powell talks a good game shortly and Jackson Hole confirms that.
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