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For the third time in a row, the CPI report has given the bulls a massive gift. As I’m typing this, minutes before the opening bell, the ES is up 125, the NQ is up almost 500, and it’s a total frenzy. Briefly, the /ES even pushed above its descending trendline.
I realize the CPI is all that matters, but until it’s out and the market has had some time to digest it (or vomit it, depending on what side you’re on) there’s no point in saying anything. So I’ll simply offer a brief celebration that SBF is under arrest.
You see, what bugged me about this whole thing is how almost every single person said the same damned thing, which was in essence: “He donated tens of millions to the politicians, so he’ll never be prosecuted. He’s going to get off scot-free.‘ See, people love to say this kind of thing. It makes them sound sophisticated and worldly, and they just shake their heads at anyone who doesn’t agree with them as being naïve. It’s sort of why people get into conspiracy theories. It feels esoteric and so above-it-all.
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