Market Recap for 6/12/24

10-minute chart of S&P. I didn’t love the last 30 minutes of trading on the indexes. They all looked the same.

The stock market rally surged Wednesday morning on tame CPI inflation data, with the S&P 500 and Nasdaq hitting fresh all-time highs. They largely held those gains even after the Federal Reserve forecast just one rate cut in 2024. But stocks faded somewhat into the close.

Apple (AAPL) rose again, with Nvidia (NVDA) and Tesla (TSLA) rose strongly. Small caps jumped but closed near session lows.

Federal Reserve policymakers guided to just one Fed rate cut this year, defying market expectations for two cuts. That’s based on the “dot plot” of individual forecasts, with four members predicting no moves at all in 2024.

In March, Fed officials narrowly supported three rate cuts.

Crypto and the crypto miners came out of the gate hard, but all faded near the close.

ENVX has had a great couple of days. you know this is my fave longer term play.

I’m still bullish until Biden hits the nuke button thinking its his microwave.

Seriously though, we are at highs, so profit taking could kick in soon.

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