this market is so soggy...any little blip up is sold off, slowly. It's like watching a sandcastle erode.
ah well the big CPI number is out tomorrow - that should shake things up a bit. Not likely to be soft and sloppy tomorrow.
Regrettably the CPI number will probably still be high since energy prices didn't start falling until the second half of June. So CPI won't reflect much of the drop in gas or energy. Maybe core will drop this month and headline next month....always one more month out...
I saw an interesting stat recently - that the asset class that tends to do the best when inflation is high and falling (which is what we will probably face for the next year)....emerging markets. And man, no one wants to own EM right now because of China, covid, high energy costs and the strong dollar... so prices are probably low. Could be a great, great setup if it works.
Crude down below $100 again today...