Good morning, everyone. I haven’t looked at even a single comment from my tell-them-how-you-really-feel post from last night, but perhaps I will later. It’s occasionally good to turn my honesty dial up from 1% to 5% and see what happens.
The PPI came out, and we’re three for three at three point. In other words, all the inflation indicators have come in red-hot compared to the forecast. Yep.
Today’s reaction was the picture of calmness compared to yesterday (highlighted below). As I’m typing this, we’re red across the screen, with drops ranging from about 1% to 1.5%. My kind of day, definitely.
The /ES is below its Fibonacci, as is the /NQ. The /RTY, God bless it, is trying its damnedest.
And, naturally, precious metals are total garbage, and I resent the hell out of owning “physical” (B.F.D.!) and getting sucked into owning this old-fashioned relic. But at least it isn’t bitcoin.
The real news, of course, is the smirking buffoon below and his JP Morgan empire. The drop in this stock should help the ursine cause.
