Roller Coaster of a Day

Licia Leslie

Hi Shoppers,

Wow!

Can you say roller coaster?

Or double reversal?

That’s what the SPDR S&P 500 (TIcker: SPY) did yesterday.

Here is the five minute chart for the day:

SPY opened down $6 on the ugly CPI numbers that came out telling us inflation is at a 400year high of 7.5%.

Chicken wings are up 53% since last January!!

The kids think they are getting a deal every Thursday night when they go to Buffalo Wild Wings for the BOGO special.

Buy 20 wings and get 40 wings for $39.99.

That’s not a freakin’ deal!

SPY opened down there and proceeded to march straight up $6.40, stopping at the resistance created by yesterday’s high and last Thursday’s high.

Then at 12:45 ET St. Louis Federal Reserve President James Bullard came out and said due to these inflationary numbers, he would like to see interest rates up a full percentage point by July first.

That means with three Fed meetings between now and July 1, they would have to hike more than a quarter percentage point at one of these meetings.

Then there was a rumor floating around that the Fed would have to have an emergency hike as early as today.

So SPY traded down to where it started the day and then proceeded to trade even lower, closing down over $8.

Oh, and don’t forget about the whole Russia-Ukraine thing.

Today could bring more turmoil, but our Federal Reserve Specialist and Bond Income Trader Bill Griffo, along with our top educator Andrew Giovinazzi had some great insight last night during their live event.

Go here for the replay – and to get access to a special 6-pack of Fed Focus events as part of Power Income Trader.

Now, despite the volatility …

I did spot one stock that was able to keep its bullish chart intact.

Back on the Bike