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In the most predictable event of the week, the PCE inflation numbers computed by the government have come out, and, surprise, surprise, they’re lower than expected. We are now expected to believe that inflation is 2.4%. Yep.
In turn, everything has turned green. It’s the same logic that’s driven the rally for all of 2024:
Cooling Inflation —> Powell Cuts Rates —> Dow Should be at 50,000
(more…)Let’s set aside GME and AMC lunacy for a moment and examine what was supposed to be the morning’s top event, which was the monthly release of the (totally watered-down and laughably low) Producer Price Index. The expectation was 0.2%, but the actual figure was 0.5%, which was 250% of the expected value. For 3 out of the past 4 months, the PPI was higher than expected.
Since the prices for Slope premium memberships haven’t budged in forever, I thought I’d share with you an email I just got from one of the few items to which I subscribe: RoboKiller, which suppresses junk phone calls. In spite of the government’s laughable declaration that inflation is 3% (instead of the truth, which is about ten times higher) here we have a real-life example in which a very popular product is going up by 166% in one year. I will, incidentally, be cancelling this, because this is ridiculous.
If this was a short position, I’d be getting worried. Anyway, it isn’t a short – it’s inflation – and it appears to be breaking out of what otherwise would be a topping pattern.
