The hysterically predictable CPI numbers came out, and with the accuracy of a fine Swiss watch. I will tell you once more, you are expected to believe inflation is a mere 2.6%. Yep.
The market took this as great news and shot higher. Just to show how fast things are moving, however, in the few minutes it took me to write this post, the /NQ has gone from a big gain to a loss (The /ES is shown below, still up a few hundreds of a point,). By the time you read this, who knows, maybe everything will be bright red.
Indeed, the market has been virtually FLAT since the mega-rally of nearly a week ago. The /NQ isn’t doing dick.
The /RTY, which roared higher on the CPI news, is simply undoing its loss from yesterday, and frankly I don’t think these totally laughable and fake CPI numbers will keep things propped up today.
Bitcoin, on the other hand, has been given yet another leg up, as futures zip past $90,000 again. I suppose the prospect of BTC becoming the reserve currency of the United States (for the moment) has fanboys thrilled. I’ve got to say, BTC has about as much good news as it could possibly get. If the new administration loses their infatuation, look out below.
Of more interest to me is silver which, for the umpteenth time, I entered into yesterday. Amazingly, /SI is still green this morning. If this sucker could start hammering out even a modest series of higher highs and higher lows on the minute bar, we could have a real shot at this thing executing the kind of 40%-50% gain I have anticipated.
