US equities open on a positive note, as whilst inflation continues to climb, it was inline/marginally cooler than expected. With the last big econ-data of the year out of the way, the VIX has dropped back under the key 20 threshold.
sp’60min
VIX’60min
Summary
Headline CPI y/y +6.8% vs 6.2% prior
Ex food/energy y/y +4.9% vs 4.6% prior
So… we avoided the 7s and 5s in December. The equity bulls should be thankful for that. The trend sure isn’t pretty though.
As for equities… well, whilst the opening gains are a little shaky, the s/t setup favours the bulls into the weekend, with momentum due to turn positive before the close.
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notable health: PFE
Orange gap remains a natural price magnet.
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notable energy: OXY
Early sig’ gains… already faded.
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notable steel: CLF
Initial gains, but the downgrade from JPM 38>31, isn’t helping. Same for X.
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notable miner: FCX
Early swings, turning red… held back by a fractionally weak copper. I hold.
Time to catch a sunset…