US Stocks Panic-Bid Ahead of CPI as Biden's Nomination Odds Plunge


Another day, another MAG7 stocks dominated melt-up...

Source: Bloomberg

And that is all that is needed to lift the Nasdaq and S&P (and everything else by association). Late in the day, everything just went vertical... because!!

Source: Market Watch

The S&P 500 is now almost 15% above its 200DMA - quite a stretch...

Source: Bloomberg

...ahead of tonight's US CPI print event risk.

And we have our Aust Quarterly JUN24 CPI print out today!

The print will make or break Grimm Jim!

The only 'surprise' was Bitcoin declined while the US mkts boomed on the possibility that the FED's next move in rates is down. But Bitcoin has been dealing with 2 anchors - 1 is the potential initiation of the distribution of confiscated Bitcoin from the collapsed Tokyo crypto exchange, MT Gox and 2 the potential large scale sale of Bitcoin by the German govt.

The only good sign is the Bitcoin ETF's are still buying the dip!

Source: Coinglass

Finally, President Biden's odds of being the Democratic Party nominee plunged again overnight...

Do traders know something about Biden's solo press conference gauntlet happening tomorrow?

Happy Thursday!

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