Big reaction out of the market this morning to a slightly better-than-expected CPI print.
The S&P was up 150 points — and it’s already given back 100.
Tomorrow we’ve got the Fed meeting. I think that they are focused on the same issues that I’m focused on:
Inflation is a lot more sticky than the market wants to believe.
There are other factors — as I explained yesterday — driving inflation that have this ongoing, pervasive, systemic effect on inflation that goes beyond the money-printing, however massive that was.
The Fed knows it and I think tomorrow they are going to remind the market that they know it.
► Today, I don’t have a specific pick for you. Instead, I’m recommending that you ignore — just for today — the stop losses we put on for any trades you still have open.
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