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Morning Brief: Key Economic Data - 7/10/23

All eyes are once again on the core economic data this week as Core CPI and PPI year over year get reported. Last weeks jobs number left the market in limbo, as data continues to contradict itself. Job data continues show both growth and contraction at the same time, which frankly isn't possible. It is no surprise however, given that the data has been proven to be manipulated for political reasons to show a stronger economy for the Biden administration . If you think this is non factual or hyperbolic, the evidence was already proven and displayed as the Philadelphia Fed showed that key metrics were purposely being misreported to show lower unemployment.


However, anyone looking at unemployment knows that the only true metric to look at is real unemployment, as it encompasses those that are underemployed, have stopped looking, are on severance, or that are currently on government assistance and have chosen not to work. Real unemployment under the Biden administration has hit a staggering 12%, which is logical given current economic conditions.


With the key metrics coming in on Wednesday/Thursday and with the VIX continuing to ramp back up, we could see some large volatility swings, especially in tech stocks which continue to have a larger beta .


On a Tech note, NFLX and TSLA are gearing up to report earnings next week. Given the large rallies both these stock have had, will blockbuster earnings produce enough momentum to continue to push these stocks passed 52 week highs? Stayed tuned for more analysis on these earnings and option strategies later in the week.


 

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