OK, folks, the last competely-fake inflation numbers have been rolled out, and they are pretty much on target (surprise!!). Yep, isn’t it amazing we live in an age of 3.1% inflation and 5.4% CD rates? It’s like the banks are handing out free money! Garsh!
Equity futures rocketed higher on the news, but at the moment they don’t seem quite sure what to do with themselves. I’m starting to learn how utterly meaningless these pre-market moves are, though. Frequently, these days, the /RTY will be down hard and the MILLISECOND the market opens it will be sharply higher. I’m typing these words half an hour before the opening bell, and the /ES is down a few hundredths of a percent whereas the /RTY and /NQ are up by the same amount. It’s pretty much a non-event so far.
Thus, for 2023, volatility has been completely curb-stomped, and we are actually threatening to move the VIX to an 11-handle. So I guess 2024 is going to be totally quiet with no geopolitical events and no political strife. What a relief! Oh, and plus, a booming economy. For realz.
The only market that’s steadily in bear mode remains crude oil, whose trend is, shall we say, easy to divine.
Finally, for your entertainment pleasure, a series of old cereal commercials whose disturbing images and racist stereotypes are truly beyond imagination. Enjoy!
