Morning update:
Bond bid and ES tests 5 dma and S1 at 1466 (see yesterday's wrap). As long as this holds, there will be no major catastrophy. It looks like a QQQQ pin as close as possible to 50, which has 350K call open interest, but it would also mean call writers covering if bulls can push above 50.50. Very choppy day. Semis are up, financials are down.
VXI and VXN are in the lower ranges of the day and that could be supportive.
Nov. 15 (Bloomberg) -- U.S. inflation last month continued to accelerate at a pace that may limit the Federal Reserve's room to cut interest rates in 2008.
Consumer prices rose 0.3 percent in October, the Labor Department said today in Washington, matching economists' forecasts. Prices were 3.5 percent higher than a year earlier, the biggest 12-month increase since August 2006.
The next big play is short long bonds.
Phil. Fed at 12.
Bond bid and ES tests 5 dma and S1 at 1466 (see yesterday's wrap). As long as this holds, there will be no major catastrophy. It looks like a QQQQ pin as close as possible to 50, which has 350K call open interest, but it would also mean call writers covering if bulls can push above 50.50. Very choppy day. Semis are up, financials are down.
VXI and VXN are in the lower ranges of the day and that could be supportive.
Nov. 15 (Bloomberg) -- U.S. inflation last month continued to accelerate at a pace that may limit the Federal Reserve's room to cut interest rates in 2008.
Consumer prices rose 0.3 percent in October, the Labor Department said today in Washington, matching economists' forecasts. Prices were 3.5 percent higher than a year earlier, the biggest 12-month increase since August 2006.
The next big play is short long bonds.
Phil. Fed at 12.
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