Let's review:
- Thursday investors sold the CPI number suspecting that inflation is a beast that cannot be tamed
- Friday investors sold the CPI number after the numbers were released, knowing for a fact that inflation is a beast that cannot be tamed
- Sunday futures continue the selling as traders know that investors are still shook from all the suspected and factual selling that took place on Thursday and Friday.
As detailed exhaustively in my weekly note the inflation trade has hit a saturation point that allows for the bulls to put together a good/great/spectacular run over the summer.
The prerequisite to this run, as is the prerequisite to every substantial run after a bear market debacle with this degree of pomp and circumstance is to make it as difficult as possible for investors to grasp the fact that the market is putting in a low.
There are numerous signs that are, in fact, pointing to this eventuality.
We just have to deal with the dissuasion, manipulation and all around degradation of the soul and spirit of every last remaining bull until that low comes.
Close. Very, very close.
The time to buy into the bearish euphoria was months ago. Not now, not by a long shot.
Bullish at 3857 on S&P futures with everyone freaking out on a Sunday while I watch the Angels go down a run against Steve Cohen's Mets.
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