A Slowing Consumer…

It will be fascinating to see how the markets interpretation of the PPI, CPI, and Consumer sales numbers end up by Friday’s close. Big question, is a slowing consumer going to be a factor. We will see.

Update at 10:40 AM

Here is one of the three daily charts we are watching today, the Retail index of AMZN+WMT+TGT set to 100.0 at the overall valuation high on March 8, 2024. The other two are the AI Buildout index and the Two Factor index (NVDA + Bitcoin). The Retail Index is not showing the exuberance of the S&P and the other two charts while higher today, are not making new highs, as this valuation top for the overall market continues to unfold.

We will update the other two charts later in the day. They are important in looking at the key factors driving the market. The general euphoria being seen in the overall market to me is just old-fashioned piling on. I don’t see the FED cutting rates unless we see a full-scale market crash panic.