Markets Are Rallying Around The World, But The US Is Down Ahead Of The Huge CPI Report

The rally continues around the world.

Shanghai was up modestly. India gained a whole percentage point. Hong Kong was up a solid 0.6%. And Europe is doing nicely, too. Spain’s IBEX is up nearly 0.5%.

But the US is down, with the NASDAQ leading the way, a situation obviously heavily impacted by the chatter about Steve Jobs’ health.

All eyes are on the big CPI report due out at 8:30. After yesterday’s big 0.5% jump in core PPI the question is, will we see inflation in the US or margin compression. We find out soon.

Oil, meanwhile, continues to look pretty weak.


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