evening wrap

market vibes

December 11 …)

“Follow the money.”

Core CPI yoy came in +3.3% this morning and AHE was reported at .4% last Friday. Although these data came in on survey estimates they are far from 2% as many were quick to point out. Pundits are thinking a Dec cut is dubious.

Stocks and gold rallied because why, I’m not sure. March bonds fell hard and the dollar rallied because they traded the data hawkish.

In oil news today prices completely ignored a surge in refined product inventories as total net fluids in storage increased 6.896 mm barrels as of Dec 6.

Nat gas rose 7% on declining OI and moderate volume.

Gold was strong from the get go in a third day of higher highs and higher lows. Copper was meh… More on this as the plot thickens in gold at year end and SLV gamma/delta goes off the charts.