Rolling Over

Futures were already off 20+ points even before the big miss in PPI: -0.3% vs +0.1% expected.  This is the worst print since Sep 2015.The YoY picture continues to look bleak, with PPI and Core continuing to roll over.

It’s an excellent metaphor for the overall market — which makes me wonder when the next Kudlow soundbite will hit the wires.  Could Trump stifle himself as SPX reaches 2900, 2840 or 2820?  Remember, last Thursday [see: Did Kelly Evans Just Take the Red Pill?], it happened when SPX reached a 1% loss.

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