It is certainly a more pleasant feeling right now, pre-market, examining a sea of very modestly red quotes and preparing for the day instead of bracing myself for one of the biggest rallies in history. Believe it or not, Iran isn’t the only thing affecting the markets, and there is still other data to examine. Two important items came out this morning.

The first is the Core PCE, which, as we are told, is the favorite inflation indicator of the Fed. It continues to clock in at 0.4% per month. Using my array of mathematical calculations, that comes in at 4.8% annually, which seems on the high side.