Some Hors D'oeuvres Out of the Way

Although it may seem like we have just had some major events, between GME earnings and then the CPI data this morning, the reality is that those are mere hors d'oeuvres compared to the coming FOMC next Wednesday. Thus, even as equities appear initially to have absorbed a hot CPI reading fairly well so far this morning after initial whipsaws off the open, the true test is likely to come next week as we get a pulse on where The Fed is at headed into the heart of summer. 

As a result, we are seeing the market largely shrug off not only the CPI reading but also the GME earnings selloff. True, names like AHT AMC GOGO are down in sympathy with GME, perhaps. But solid biotech charts like NTLA are attempting to do their own thing and break higher yet after exuding relative strength in a struggling sector for months. 

Another point worth noting this morning is that precious miners are turning in a strong session so far, especially after metals initially sold off the CPI data. GDX and GDXJ, as well as silver miners, have largely dipped in a quiet, orderly manner the last few weeks, and I remain bullish on the sector. 

Finally, the growth beverage firm, CELH, is down big on a secondary. The weekly chart, updated below, suggests $60 is within shot. Either way, these types of events can take three sessions to let the dust settle of any big player who wants out now--Otherwise what we refer to as the "Three Day Rule." Let's see where this one is at come Monday or so.