sp'daily5
VIX'daily3
Summary
Tuesday opened especially messy, with the SPX printing 3127, but then leaning upward (if very choppily) in the late afternoon to 3200, and settling at 3197.
Meanwhile...
The market wasn't pleased with the latest CPI data, which came in distinctly hotter than expected. What happens if the July print (in mid August) comes in >1.0% ? The fed can't possibly with draw liquidity or raise rates. Print Central is firmly... boxed in.
VIX printed 33.67, but was ground back lower, settling -8.3% at 29.52.
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Goodnight from London
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