The first is that VIX has again been hammered below a trend line dating back to Nov 2017. The algos are all over this and futures have soared 17 points. Total capitulation, at least for the time being.
The second is that gas prices remain stubbornly high – signaling a coming spike in inflation unless prices tank in the next two weeks. The YoY delta has soared over the last two months, with December’s delta at about +10%. Hardly anyone is talking about this — at least publicly. I suspect the Fed is talking about it quite a bit behind closed doors.
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