iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,906 Blog Posts

CPI DATA CAME IN HOT; NO ONE GIVES A FUCK

It was one of those economic stats that could do no wrong. We already knew inflation was hot, but in the offchance it came in light — we’d moon.

But the data didn’t come in light and we reverse mooned into the grave. However, upon opening of the markets, we are once again rallying.

No one should care about the CPI data because it’s backward looking. At this point only three things matter.

1. The war

2. Economic growth or lack thereof

3. Commodities

The absence of sharply higher oil prices was beginning to wane on people in recent days. The idea oil could trade lower without Russian oil on the markets would equal some sort of economic apocalypse around the bend. Now with WTI +5%, we all feeeel better.

We are extremely oversold and markets act weird during periods like this, since so many people are getting wiped out. It’s rare to see markets V shape recover from such carnage. I would expect a process to take place, but at some point all of the pent up fear and loathing to turn into a different kind of fear of missing out and loathing for not buying when everyone else was selling.

 

 

 

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3 comments

  1. the_wolf

    Energy leading

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  2. tha pirate

    Let’s send MOAR $$$ to Ukraine, how many BILLIONS of taxpayer dollars are being laundered to who KNOWS where?

    Then we can complain about ‘inflation’…

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  3. roguewave

    Inflation still matters. Inflation means your money is a melting block of ice.
    If you are not creating new blocks faster than they melt; you are losing. It’s that simple.

    No serious person thinks the CPI is a useful measure of reality.
    Energy and taxes excluded? Come on.

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