Yesterday’s year-over-year Consumer Price Index (CPI) numbers, which measure the change in the price of goods and services in the US, confirmed inflation is heading in the right direction, states Ian Murphy of MurphyTrading.com.
This in turn raises the possibility the Fed’s hiking trip may be coming to an end. However, the global outlook is complicated by a continuous flow of poor economic data out of China which is casting a shadow on the post-Covid recovery in the world’s second-largest economy. Also, the relentless rise in oil prices over the past month is not helping sentiment.
I’ve been asked to follow up on the daily swing trade in Trupanion (TRUP) which came up on our radar in July’s Client Webinar. If you recall this had a high short float (33%) and easily plowed through the first two targets.
The stock has been climbing slowly and steadily since then but has pulled back in line with the rest of the market this week. Earnings were on August third and came in ahead of expectations. The trailing stop finished yesterday at $27.30 and do bear in mind as a daily swing trade the stop should be set to trigger intra-day and not on a closing basis.
Learn more about Ian Murphy at MurphyTrading.com.