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CPI on Deck

2 hours before the release of the CPI for September markets are firm with the S&P futures up by about 1/2%. The 10 year treasury yield has dropped a bit to 3.88% which is down 2 basis points from yesterdays close. Of course these numbers mean nothing–CPI is everything.

Probably the best part of the CPI is that NO ONE expects a soft number–everyone is expecting a 8.x% number so any hint of a softening will send equities straight up and yields down. Honestly we are due for a bounce, but I won’t be holding my breath.

I will be missing the fun today as I have to be out of the office all day today and tomorrow during market hours. I will not be buying or selling anything today or tomorrow.

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