Mar PPI soared 11.2% YoY and 1.4% MoM – both an acceleration of gains in the past several months.

No rally this morning, as futures experienced a bearish 10/20 crosses overnight…

…and VIX is about to. continued for members…

The equity picture is on the cusp of turning much darker…

…as EURUSD is breaking down and USDJPY is thinking twice about a breakout. And, though the fundamental picture still argues for higher prices, CL and RB have both completed a backtest. The case for GC and SI’s breakouts just got a boost. And, the 10Y has actually fallen. Better late than never, Fed trading desk.