Don’t Chase This Gap Up Either

July 13, 2023
Author: Peter Stolcers, Founder of OneOption

The same advice I gave you yesterday applies today as well. Here's the game plan.

PRE-OPEN MARKET COMMENTS THURSDAY – The PPI was in line with expectations (.1%) and initial jobless claims were as well (239K). Foreign markets were up nicely and that is providing a bullish backdrop. Asia is a bit of a surprise since China’s exports were down more than expected (12.4%) and imports were down more than expected (6.8%). It is going to be hard for global markets to march higher when the second largest economy in the world is in decline. To put this into perspective, the US and China combined account for almost half of the world’s GDP. I’m not bearish, but this does make me less bullish.

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