By Hook or By Crook

With futures stuck in a consolidation for the past two weeks…

…and, VIX finally breaking down, is it just possible we’ll see a rally this morning?

And, why not? Thanks to the timely dip in oil and gas prices (and, some creative accounting over at the BLS), CPI came in at an annual rate of 2.7% — down from last month’s 2.9%.

In other words, the argument for a December rate hike just got a little weaker.

Toss in a bullish (sp?) statement from Draghi [announcing the end of QE as the ECB trims its growth forecast …yeah, right] and the algos are loving it.