CPI continues to rise, reaching 3.3% YoY, taking into account only about two-thirds of gas prices’ recent surge. And, it’s important to point out that WTI is still pushing $100/bbl in the midst of a nearly full stoppage in the Hormuz Strait.

If the relationship holds, CPI should be closer to 3.75-4.00% in April.

The March print reflected a 18.9% increase, but the actual YoY price increase currently sits at 30%.

But, VIX has broken down and a handful of tech stocks popped over important resistance. So, futures are up – though still bumping up against channel resistance.

And, SPX’s gap is way down at 6618, 250 points ago.

Oil and gas remain stubbornly high, and will for some time.

And, DXY has found good support here.

I’ll believe a deal with Iran when I see one…