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New Hotter Inflation Data – Momo Buys The Dip, Fed Blunder Shows Up In Roaring Meme Stocks

Benzinga ·  May 14 23:55

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Hotter Inflation Data

Please click here for an enlarged chart ofSPDR S&P 500 ETF Trust(NYSE:SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

  • The chart shows the stock market is in the resistance zone.
  • As is their pattern, the momo crowd was buying ahead of the release of the Producer Price Index (PPI) on hope strategy.
  • The momo crowd's hopes were dashed when PPI data came much hotter than expected. Here are the details:
    • Headline PPI came at 0.5% vs...
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