The latest economic data tumbled out. Retail sales clocked in 50% hotter than predicted.
Whereas PPI came in at almost double its expected level, and more than twice the previous month. As you can see, inflation is starting to grab a toehold again, at least farther back on the supply chain.
In spite of this, as I am typing these words, every single equity future is GREEN. The more important fact is that the /ES still seems firmly within the grip of that Fibonacci level at 4528. Whether pushing higher or lower, it seems to get clawed back toward that red line.
Fear, though, has utterly left the building. There’s actually a 12-handle on the VIX this morning, as we plumb unthinkable depths of complacency. There was quite an interesting premium post over on ZH about the specifics of September, and historically it makes total sense that this week is strong (with tomorrow, Opex, being a reliable “up” day). The upshot was that next week has EXTRAORDINARY consistency as a relatively hard down week. I sure hope so!
