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Data-light Session Ahead Of CPI Tomorrow

Published 12/09/2022, 15:44
Updated 12/09/2022, 16:42
Data-light Session Ahead Of CPI Tomorrow

Good Morning Everyone!

Buckle up, one of our key indicators is flashing red.

Prices as of 4 pm EST, 9/9/22; % YTD

MARKET UPDATE Markets are up ahead of the CPI number tomorrow and positive Ukraine momentum

  • Expectations are for headline inflation to fall from 8.5% Y/Y to at least 8%

  • First week of Conference Season and no major pre-announcements. More conferences this week.

  • China is closed for a holiday

Crude 88 +1%

  • Crude up on weaker U.S. dollar and doubts about a potential Iran nuclear deal

  • Manchin legislation to speed up permitting of traditional fossil-fuel projects faces objections

Railroads

  • Two Unions representing 57,000 engineers and conductors negotiating this week

Earnings: None

CRYPTO UPDATE Friday = Bitcoin’s (CRYPTO: BTC) largest daily gain in 6 months

  • Volume ~2x the 20-day average

  • Outperforming Ethereum (CRYPTO: ETH) and broader crypto markets over last 5 days

  • Recent selloff overdone?

SEC plans new “Office of Crypto Assets”

  • under the Division of Corporation Finance’s Disclosure Review Program (DRP)

  • streamline SEC reviews of documents submitted by crypto firms

Bitcoin Fear & Greed Index

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© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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