The moment the Consumer Price Index (CPI) was released by the Commerce Department at 7.7% the market cheered. All indexes opened up big and kept going higher. The NASDAQ Composite finished up over 7%, its best “CPI Day” run ever, and one of its largest one-day moves ever.
Let ’em squawk. I’m not cheering at all. Momentum has shifted green in the short term, but I’m reading this CPI number and… WOW! Things are off in this report.
Let me tell you why this is not good news…
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