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Bill Baruch joined the CNBC Halftime Report to manage his Micron option trade and raise caution for the path ahead by trimming highflyers. Do not miss his macro-outlook.
E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 5801.50, up 25.50
NQ, yesterday’s close: Settled at 20,346.25, up 154.25
Core PCE, the Federal Reserve’s preferred inflation indicator, is due at 7:30 am CT. Expectations are for inflation in August to have risen by +0.2% m/m and +2.7% y/y. Although this is up from 2.6% in July, it would mark the ninth month in a row Core PCE has been under 3.0%. Arguably, 3.0% has become a psychological guidepost for inflation’s perceived trajectory and a point within reach, or even ‘close enough’, to the Fed’s 2% target. Final Michigan Consumer data for September is due at 9:00 am CT, and updated Atlanta Fed GDP Now for Q3 is to follow at 9:30 am CT.
Bill Baruch spoke about trimming some of the high-flying tech names in his more active and concentrated portfolio. Check out the video above.
The overnight rally into Thursday’s opening bell for E-mini S&P and E-mini NQ futures failed, and reversed sharply. In fact, the volume within the first 60 minutes was the most all week. All was not negative, as that weakness for both indices traded down to Wednesday’s settlement and not only covered the gap, but price action responded tremendously and grinded higher through the session. The stage is now set for today’s data and that rare major four-star support still stands, denoted below. As today unfolds, continued price action above our Pivot and point of balance will be seen as stoking higher prices into month- and quarter-end Monday, with those levels coming in at……
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