Things were a little dicey in the very early going, and it’s still early of course, but right now the bulls are rolling a perfect game.The major indices are all up over 0.25%, the dollar is stable, investors are selling off Treasuries, the industrial commodities are up, and the precious metals are all down.
The strong retail sales data, as we noted, doomed any last hope of a bad Q4.
There’s still one piece of the puzzle though, and that comes from tomorrow’s CPI.
Yesterday we argued that Bernanke’s main goal had to be to turn core CPI around. After this morning hot PPI report, the economy faces pressure to see end-prices grow, so that vendors aren’t too squeezed.
We shall find out soon enough. 8:30 AM ET on Wednesday, to be specific.
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