The algos have been working overtime this holiday weekend. CL is threatening another breakout, VIX is back below the two-month old bullish (for stocks) channel, and USDJPY is potentially staging a comeback.
It was enough to prompt a 5-pt bump in the futures which, while not much, is enough to keep the trend alive…for now. The problem comes in when you consider the longer-term economic implications of the above: higher inflation, higher interest rates and mounting fiscal problems. But, those concerns are being set aside in order to pursue a critical breakout in equities.
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