As you know, this morning it was reported that the PPI fell by 0.1% in Dec. The bullish stance
is that this is more proof that the rate of inflation is declining. However, I submit that the report
shows that wholesalers have gotten to the point where they're have trouble passing on their
costs to their customers. I think this will result in companies reporting later on this year that
they're having problems with their profit margins. Also, the ITBMNYA started falling on Dec. 29th
and is still falling. It declined earlier this week when the mkt went up and it's pretty unusual for the
ITBM to put in negative divergence.