Quiet Edge Market Journal
Daily market context and outlook · Interpretation
How To Read This Page
The journal is interpretation: our reading of the session, the scenarios we are watching and how earlier calls turned out. It is kept apart from the dashboard and the economy page, which show readings and official figures without opinion. Figures in each entry are as of that day's close.
CPI Ran Hot, the Median Held, Nvidia Did Not
A slight November 10 decline in SPY and QQQ after a hot October CPI and a 17-basis-point jump in the 2-year yield, with the median S&P 500 stock unchanged, the weakness concentrated in NVIDIA and Friday's PPI ahead.
The Bounce Broadened; CPI Tests Whether It Holds
A broad November 9 rally in SPY and QQQ, with most stocks participating, AI names still repairing, a look-back on the November 6 calls and the CPI test ahead.
A Narrow Bounce Off the 200-Day
A narrow November 6 rebound in SPY and QQQ, with weak participation, fading intraday momentum and scenarios to watch next.