Given stocks’ reaction to the bond market’s reaction to the PPI beat, it’s not surprising that the 2s10s has scurried back to the relative safety of 52 bps.

But, TNX has still broken out, and the market is justifiably nervous about the implications of higher rates. CPI comes out at 8:30. And, for the first time in a while, folks might actually pay attention to the Treasury budget numbers at 2:00.

continued for members…

Futures are popping on the usual VIX and USDJPY nonsense.

The BoJ still has a NKD breakout in mind. Gold and silver have settled down a little, with GC getting a bounce off the red midline back up to 1923. …and SI trying to get back to the white midline.Remember, we get oil inventories this morning. Don’t be surprised to see the usual ramp going into the 10:30 release. My youngest daughter has a medical procedure this morning, so I’m taking the day off. I’ll post later if I’m able to find a reliable internet connection.

GLTA.