Morning Minutes

8-12-26

Good morning traders,

CPI just dropped basically at expectations so not hot enough to panic. PPI is on deck next and then retail sales. With CPI behind us, coming in at expectations we might get a risk-on scenario. To paint the picture, we have core inflation coming in at about 3% and the economy is losing a massive amount of jobs per last weeks print. I am thinking the FED and investors are re-considering the interest rates and puts the odds of lowering / holding much higher than a hike. This is a bullish scenario. The caveat to all this is the war in Iran right now and oil prices.

Risk on sectors are neutral to bullish this morning and defensive sectors are also mixed potentially pointing to another choppy day.

Our bullish pennant in ES is still filling out. Which I am watching much closer now. You can take the initial breakout or wait for the re-test. The re-test has higher odds of not getting stopped out but you also may never get the retest.

Positions yesterday:

MRNA - We closed majority of the position and were in runners now with breakeven SL. This was a nice trade.

IREN - we entered calls and we are up nicely this morning on these. We’ll look to close those out at the open and keep some runners going.

Yesterday we shorted GOOG at $351 and are now in runners for a nice ~$9 dollar run in that name.

We shorted AMD and were stopped out.

PDD - our runners hit our SL and we’re fully out.

We’ll look to enter a few more trades today.