Watching the “market” melt up and bonds barely budge in the face of all-time highs in the monthly and annual PPI print…  More grist for the Fed’s “transitory” inflation scenario.

Inflation is no longer dominated solely by soaring oil/gas prices.  In other words, not transitory.Will the party end? Not as long as the Fed can control volatility and interest rates – which are, for now at least, ignoring reality. Tomorrow’s another day…

continued for members…

The bigger picture for equities:

With the Fed’s help, bonds are essentially unchanged.As are oil/gas prices…

…and the no-longer-effective hedges against inflation, gold and silver. Nothing new on currencies yet.  USDJPY’s breakdown should generate a lot of excitement.

I’ve had a couple of inquiries about NFLX. The charts are not positive at the moment – not since it topped out in the rising white channel after seeing its huge rising wedge break down. UPDATE: EOD

Nice down payment on a correction…