(C.P.) I Can't believe it
It’s that time again….CPI day.
CPI was a miss, coming in cooler across the board.
M/M 0.2 vs 0.3 estimate
Y/Y 3.0 vs 3.1 estimate
Core 0.2 vs 0.3 estimate
Possible this really gooses the market over the coming days. But I think it matters less than talking heads would have you believe. These are still the amounts of increases, so while it is cooler than anticipated, we are still seeing pretty significant price increases and J Pow already commented on more rate hikes this year.
Given the above here is what I am watching for the day.
CPI was a miss and VIX took it on the chin. Heading back towards the low
Going to watch the SPY for that little cup and handle to break on the daily. We crack that and we could see some pretty solid upside potential
Here is the GAMMA by Strike roughly on the SPX
There is a pretty solid wall around 4500 and its relatively light elsewhere.
That’s all I have for today.