S&P 500 got predictably caught off guard by CPI – even if largely in line, it didn‘t come in noticeably cooler, and the subsequent slide proved indeed a fine opportunity to hunt gains for intraday clients as shown on the below NDX chart (CFD, which is practically cash, but you can see it paid off to wait for a credible bid to emerge at the turquoise arrow – and I delivered similarly for clients in ES intraday too). 
Easing up on the profitable long calls before the day was over – that‘s a matter of overall risk management and recognizing that we‘re in so as to win the long game, and days like yesterday are its essential building blocks.Swing traders (daily publications clients) are ready for today and what‘s in my view most likely to unfold, and I‘ll be commenting on this key day as much as I did throughout yesterday‘s session on Telegram, keenly looking out for 30y Treasuries auction good omen. Foretelling today‘s presser?!Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Credit Markets
Bonds are clearly attempting a return to risk-on posture, and seeing bonds rise in an environment of retreating inflation, is positive. Rising financials with well received long-dated Treasury auctions lately and this close before FOMC, bodes well for the times after.More By This Author:CPI, Disinflation And StocksMust Be Soft Landing, Markets SayNDX and XLC Revival Now
