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The number is 4528, folks. That’s the magical invisible level on the /ES futures which is apparently constructed from repurposed iron. In spite of the hot CPI, the permabulls are still trying to bid things up as if it was 2021 all over again, but it keeps conking its head on this level.
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Both oil and natural gas prices have been off the charts in recent weeks, following the announcement of major exporting countries – Saudi Arabia and Russia – further extending their cuts in oil supplies until the close of the year.
The announcement made earlier in September was a shock to the system for some analysts, and left many to reflect on the greater determination of both exporters to continue their slower output, which would further reflect in rising oil prices.
On average, Saudi Arabia will cut around one million barrels a day, while Russia is estimated to decrease its output by roughly 300,000.
(more…)For reasons behind human comprehension, banks exploded in value this morning following the CPI, only to have their teeth kicked in. As I’m typing this, the small caps are at their lows of the day, and things are looking VERY good for the bears.
One fine example, whose position I just augmented, is Fifth Third Bancorp (winner of the World’s Dumbest Corporate Name of the 21st century, with Ruth’s Chris Steak House close behind). The price gap makes me weep tears of joy:
Mercifully, the CPI numbers came out, and they are a bit on the hot side. Nothing big, but at least a little strong. Incidentally, if you think the price of goods and services is only going up 3.7% per year, I’ve got some FTX Tokens I’d like to sell you in exchange for gold bullion.
