The ostensibly most important inflation data point is out, and it came in ice cold, just the way the bulls wanted. Inflation is ostensibly a mere 1.2% now, annualized, which makes total sense if you look at any bill you pay.
This good news has pushed all stock futures into the green, although just barely. Before the opening bell, as I’m typing these words, the /ES and /NQ are both up about 0.15%, and the /ES is almost precisely where it was a full 24 hours ago.
Speaking of “no net change”, the /NQ is an even more jarring example. We in the autumn of 2024 right now. We were at this same price in the spring. For real.
Anyway, it’s a ho-hum morning, but frankly, given the China hasn’t introduced a fresh daily batch of $5 trillion stimulus, I’ll take ho-hum any day. I’ll be back to write more when there’s actually something happening.
