The consumer price index figures just came out, and as ZH breathlessly put it, “US Consumer Prices Soar At Fastest In 39 Years, Real Wages Tumble For 9th Straight Month”.
In spite of what sounds like nasty news for the market, as of this moment (and, let’s face it, things change quickly), equities seem to have embraced it as an it-could-have-been-worse data point.
Looking at the longer-term /ES futures, the path seems cleared to take advantage of the basing pattern that has been in formation the past week or so.
And, naturally, volatility has plunged into the Sumerian darkness, the delightful spike of Monday morning feeling like ancient history, as the buy-the-dip crowd wins for the 9,383th time in a row.
