PCE 12-month rate of inflation rises to 1.5% in January from 1.3%

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Market timer McClellan swings to short-term bullish on stocks, for first time in 3 weeks

Market timer Tom McClellan, publisher of the “McClellan Market Report,” has swung to short-term bullish on stocks from bearish, following the “scary selloff” he’s been waiting for in the previous session. He said market breadth was “terribly negative” on Thursday, as the S&P 500 tumbled 2.5%, resulting in an oversold reading that “may be enough” to counteract the market’s bearish message. He also noted that the CBOE Volatility Index , known by many as Wall Street’s fear gauge, spiked 35% on Thursday amid the market’s selloff. “Generally speaking, any VIX jump of 10% or more on a single day is a pretty good marker of a sentiment washout. The bigger the better,” McClellan wrote. “This does not mean that this has to be the final price low, but it is a pretty good sign of one.” S&P 500 futures were recently up 0.4% at 3,844, bouncing off an earlier loss of about 3,809. The last time McClellan as short-term bullish on stocks was after the Feb. 5 close. He turned neutral after the Feb. 8 close, then turned bearish after the Feb. 17 close. From Feb. 17 through Thursday, the S&P 500 had lost 2.6%.

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