Euro Trash, Euro Crash

The global markets are an unmitigated disaster this morning and it might get much worse before it gets any better. We're feeling a lot of pain in the PMs and miners but, for once, we're not the only ones as just the POSX is green today.

So where do we even start with an attempt to summarize the situation? Yesterday's CPI print initially led to a selloff in the POSX and this prompted buying in the Comex PMs. But the POSX soon reversed and it then soared again overnight. Today's PPI news only seemed to spur it on.

And what was the PPI? Only +11.3% annualized! Holy smokes...

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Key Economic Events Week of 11/27

11/27 10:00 ET New Home Sales
11/28 9:00 ET Case-Shiller home prices
11/28 10:00 ET Consumer Confidence
11/28 10:00 ET Goon Waller
11/28 10:00 ET Goon Ghoulsbee
11/28 10:45 ET Goon Bowman
11/29 8:30 ET Q3 GDP second guess
11/29 1:45 ET Goon Mester
11/29 2:00 ET Beige Book
11/30 8:30 ET PCE and Core PCE
11/30 8:30 ET Personal Inc and Spend
11/30 9:05 ET Goon Williams
11/30 9:45 ET Chicago PMI
12/1 9:45 ET S&P Manu PMI
12/1 10:00 ET ISM Manu PMI
12/1 10:00 ET Goon Ghoulsbee
12/1 11:00 ET Chief Goon Powell

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