Today'rally looks suspicious. AAPL finally broke support and futures were down over 1%. Nord Stream 1 & 2 where sabotaged. All four Ukrainian provinces voted to join Russia and everyone was worked up about them using nukes. It looked like stocks were finally going to capitulate. Then BOOM, out of the blue, the BOE just happens to decide to do QE today? Looks like a pre-planned event. The 10Y ^TNX is now down 5%. Saying that now markets believe the Fed too will panic. Stocks are soaring squeezing the bears who just happened to be holding a record number of Puts. So yes, their trick worked, but what about inflation?
Look at commodities soar. They are sending them back to the moon. Whatever happened too we must fight inflation no matter what? Well...we will tune in to what Powell has to say today. He is scheduled to give a speech today.Another thing to consider is end of quarter is here. They want the quarterly reports to look as good as possible.
Commodities soar, wish I could put up charts, oil is at $80, unleaded gas around $2.50, soybeans 1400 from 1750 in July, wheat 900 from 1300 in July, cotten 90 from 150 in June. The overall CRB is 267 from 330 in June. Those are yesterday's closes. Prices may be high but that's because they are price gouging now!!