PPI topped CPI again, coming in at 9.7% YoY (9.1% expected) and a whopping 1% MoM (0.5% expected.)

Futures suddenly aren’t so sure about the overnight ramp to top the 200-DMA.

continued for members…

The bigger picture shows the downside case still in place…

…especially if oil prices finally retreat. CL and RB are both off over 3% on the prospect of the Ukraine situation resolving. GC and SI aren’t sure whether to rally on the inflation news or sell off on the Ukraine news, so SI is off sharply while GC is backtesting its IH&S neckline.

The 10Y has bumped slightly higher, but no new highs just yet. I have the sense that only a large decline in CL/RB or SPX would make a difference at this stage.Currencies remain relatively quiet this morning, trying to sort things out. While BTC is backtesting its neckline again, playing follow the leader with SPX.more later…