The monthly CPI numbers came out, and even though prices are going higher, I guess the market was relieved. (CPI trend chart below from ZH):
The moment the news came out, everything spiked “bigly” higher. At the moment, there’s still green everywhere, but somewhat faded.
Looking at the daily picture, it’s not “lights out” for the bears, but boy the risk is there.
With inflation apparently not out-of-hand, bonds have been strengthening (and interest rates softening), leading to real estate escaping its congestion zone and making the gap from last month its next target.
As a follow-up to yesterday morning’s “bearish on crude” post, we’ve made progress there. Not a hard break yet, but definitely moving in the right direction