PPI Confirms Inflation Troubles

PPI just confirmed what CPI declared yesterday: Despite official White House discourse, there is inflation.Of course, it’s very clear that food, energy and trade services are the primary drivers.  Without them, PPI is as low as it was in Aug 2017.As a reminder, when Aug 2017 PPI was announced, the 10Y was about 2.1% versus … continue reading →

Algos Gone Wild

Things got off to a nice start for bears yesterday…until our old friend the V-shaped recovery showed up.  Even when it looked like it would falter, it just kept melting up. So, instead of a clean, simple channel to 2875.15, ES has this ridiculous path to follow — all for the sake of delaying the … continue reading →