The Fed’s favorite inflation data point was just released, and it came in ice cold. Ostensibly, it was up a mere 0.1% for the month, which was half the level that was forecast.
Of COURSE inflation is 0.1% per month! Absolutely! That’s why my utility bill is literally four figures every month, why a modest lunch for two is over $50 (minimum), and why a serving of greens from my local Chinese restaurant is $21. You betcha.
Equities were already strong before the release, but they got even stronger afterward. The /ES, /NQ, and /RTY are all lurching higher. Since I got out of 50% of my positions yesterday, I can deal with this.
You can fully expect “the bottom is in!!” chatter to resume in short order, with all eyes toward new highs before the year is out. Good. Let ’em chatter. We need it.
As for what I actually think is next, that is visible to all paying levels of Slope…………
