The stage was set for another rally and prices looked poised to move back above $1900 in CDS and toward $23 in CDS. But that was before the CPI came in slightly above expectations.
That "hotter" CPI turned around all of the trends that had helped the PMs this week. Rate hike expectations increased. The bond market sold off and nominal rates rose. And the POSX spiked higher and actually closed back above its July 18 trendline. Ick.
All of this sets up a very interesting Friday and I'll be watching closely to see how nearly everything trades going into the weekend and all...
