What’s going on in the world…
Market opens lower as Futures dropped precipitously in response to the faster growing inflation reported in the widely anticipated CPI data at this morning. It was rising rates and inflationary pressures that initially triggered the correction, followed by a spiking Volatility index which sent Global Markets in freefall mode towards the 10% decline. Half was carved back the last couple of days, but the volatility remains and the correction continues to run its course. 2700 S&P looks like solid resistance and a re-test of the Friday lows looks inevitable to prove its worth. It’s not fun, but it’s healthy. Gold is catching a bid off the higher inflation and interest rates are higher still. Crude is declined substantially, but remains in a uptrend that is testing important support. The Market is still recalibrating. US household debt hit an all-time high of $13 Trillion. Shaun White won another Gold. Keep those belts buckled.
Have a great morning,
Mike Frazier
