CPI: Equities Embrace In-Line Data

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The 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”.

CPI 10-Year Chart

CPI 10-Year Chart

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.

ES Futures Daily Chart

ES Futures Daily Chart

Looking at the longer-term , the path seems cleared to take advantage of the basing pattern that has been in formation the past week or so.

And, naturally, 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.

VIX Daily Chart.

VIX Daily Chart.

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