3/11 Daily Market Note: Range Bound Session Before CPI

Any large moves ahead of tomorrow are most likely pre-mature.

Hey Folks -

Markets attempt to cap further losses from last Friday with a range-bound session today ahead of CPI tomorrow. In terms of reference points, CPI days over the past several months have inspired large pre-market moves in the region of 1.5%-2%. I believe tomorrow’s inflation data point may give markets enough information to break out of today’s range.

As shared in our recent DCF Conclusion Study for members, key levels like Base/Bear/Bull cases are areas where I think the Buy Side monitors closely as longer-term participants step in.

• Institutional Sellers took action on NVDA at exactly our Base Case (970-1000).

• Institutional Buyers pumped AAPL and GOOG as they neared our Bear Case.

To further dissect the market’s opportunity set, over the coming weeks and months, I will be doing more DCF Conclusion Sets with heavily weighted companies inside the index.