CPI came in slightly hotter than expected at 0.1% versus 0.0% expected and prior (annual 3.1% vs 3.1%.) Core was 4.0% (unchanged) but 0.3% monthly versus 0.2% prior and 0.0% expected.) Core goods actually fell 0.3% while much stickier services rose a blistering 0.5%. This is all a bit of a disappointment for the rate cut crowd.
Futures are off slightly.
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Futures are essentially flat ahead of tomorrow’s important CPI print.
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Despite a much hotter than expected NFP print, VIX’s convenient collapse… 
…has once again convinced investors algos that there’s nothing to worry about. The 20-pt drop in futures following the print was erased within minutes.
It’s all in keeping with our year-end forecast, which remains unchanged.
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Algos popped in the past hour on a larger than expected increase in initial jobless claims with the more important NFP due out tomorrow.
But, the more dramatic move has been in oil, with CL reaching our next downside target and RB well on its way to its own.
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Futures continue to be supported above their 10-day moving average by a combination of algo factors led by VIX. The Christmas meltup came early this year and, so far, shows no signs of letting up.
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As noted yesterday, gold and silver reached our target ranges from mid-October. GC came up slightly short of its target from Oct 18 [see: Mideast Worries Mount]…
…before being aggressively hammered.
Silver nailed its target very precisely before meeting a similar fate. 
We’re faced with the usual questions after targets are reached: Was that it? Is it over? What’s next?
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Futures are off sharply this morning, suggesting a break in the upside momentum.
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Futures are off moderately on the first trading day after what was a torrid November. Bears might take some comfort from the overbought Dow, which has reached Fibonacci and channel resistance.
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