Bye-Bye Rate Hikes

As expected, the whole rate hike argument collapsed this morning.  CPI, Core CPI and retail sales all missed.  The Fed will continue talking up the dollar, of course.  But, it isn’t looking good.

The US dollar is, predictably, tumbling — taking USDJPY along with it.After nailing our downside target yesterday and rebounding nearly all the way to our bounce target, equities are currently indicating a slight loss.

Only VIX, which is off 6.7% since reaching our upside target yesterday, and WTI, which continues on a suspiciously uniform rally, are keeping futures near even.

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