Market analysis for Jan. 12th, 2024

Wow....that's all I can say about yesterday and the whole start of the year, for that matter. This is the best start to any year we've had. $13,000 bump in my net liq yesterday. We are up over 20% now on our model portfolio just 12 days into the holiday shortened month. Both our NDX and SPX 0DTE's hit for outsized profits and we had a massive day scalping with over a $2,000 dollar profit there is just under an hour. The RUT adding 5K in profits to the day and we were able to get a very favorable reset on our strikes with it. CRM was our only hot spot, pushing higher. We'll work that today. Most of our earnings trades (KBH, WFC, UHN, DAL) look good before the open.

On to the market:
Two big news items yesterday. CPI came in hot, as we expected and talked about in the trading room. The market is starting to get it. We ain't gettin no 7 rate cuts this year folks! The other big news item was the issuance of 11 spot bitcoin ETF's. There will be winners and losers here. Let the fallout happen before picking a winner. The leader of the pack right now is Blackrocks IBIT. It hauled in an amazing $4.7 billion in funds in the first day.
We have PPI coming in this morning, which should be the news catalyst for today.
Monday is a holiday so we'll have another shortened week. We may get a jump on a few of our weekly trades and start them today.

Bullish bias continues to cling. Even though decliners out paced advancers.

We've been talking in the trading room about a triple top for the market. It's looking more and more like it may come to fruition. 

You can see that even with bullish indicators still flashing buy, We havent been able to go anywhere for almost a month. Mostly just banging our heads on resistance. We are at the same level we were Dec. 18th.

Here's the PPI data set. 

Intra day levels for me: 4813/4824/4838* (key level. high of the day yesterday)/4853 to the upside. 4797/4787/4772* (Key level. Low of the day yesterday)/ 4756 to the downside. 

Markets are closed Monday. We'll See you all Tuesday! Have a great, extended weekend!