As we count down the ginormous SpaceX IPO and the annointing of the world’s first trillionaire, it makes sense to remember that the divergence between the haves and the have-nots has never been greater. It’s a disparity made worse by high inflation that hurts the have-nots more than anybody. The inflation is evident in everything from gas prices to cars, electric bills, insurance rates, and hamburgers.

The Fed certainly knows it. The only question is whether they will preside over a worsening of this condition, knowing what it means to the underpinning of the economy, or try to do something about it.

While VX futures are safely below their SMA200…

…VIX itself is not. In fact, it just bounced off its SMA200 and the top of the purple channel from Jan 2022.

Meanwhile, CL is lower on what is probably the 43th end of the war on Iran. Trump has again announced that a deal had been reached and is only subject to the final paperwork being signed. Right. The timing of the announcement had nothing to do with the fact that the market was falling sharply. Really. CL very nearly tagged its .886 retracement, so we should find out soon whether this time is any different.

Meanwhile, bonds are taking it as gospel and are back below the TL from Feb 27.

Stay tuned…