Hey friend,
This morning we got the latest PCE data – the Fed’s preferred inflation gauge.
It came in right in line with expectations, although core inflation was still trending higher at 2.9% annually.
We also got more consumer confidence data, which showed consumers being less optimistic amid inflation and economic fears.
Let’s see how the markets have been moving.
The Daily Direction
Note: All indexes closed slightly higher yesterday but opened lower this morning and have been moving lower through the day. Still – all index directions remain comfortably upward.
The Daily Nugget
Price speaks louder than words.
Actions speak louder than words.
And there’s a reason they call it price action…
Because the only way for something to be reflected in the price…
Is for someone to take action – by either buying or selling.
That’s why price always speak louder than words.
Words can be useful – but price has the final say.
And to skilled traders, the price action is like words.
They tell a story…
A story of what people are acting on, what they believe, and what they’re likely to do.
That’s something that can only come from deep experience.
And that’s what makes what Ross is sharing so valuable.
Because everybody everywhere is being bombarded by noise…
And getting sucked in to all this noise is how most people end up completely misinterpreting the market…
Causing them to make the wrong, money-losing moves.
So, before you head out for the long weekend – just remember this.
People can talk all they want.
But unless they can show you how what they say is being reflected in the price…
It’s all meaningless.
Have a good weekend.
The Traders Agency Team
