S&P 500 reacted with a brief selloff following the steep yoy CPI decline (2.5% vs prior 2.9% is pretty meaningful), only to suck in bulls for a rug pull following the opening bell. It was a steep selloff multiples of the CPI range, to which bonds didn‘t initially respond with a rally while the yen returned to rising again (for those two hours that the selloff lasted, more than the usual time to play games with retail traders).Sectoral view, market breadth and bond showing in terms of risk taking (just TLT got first bought) was poor – S&P 500 bears took ample advantage thereof, and it was mainly up to NVDA to hold the indices somewhat orderly. Sounds as exagerration, but that steep was the selling everywhere else that even the best interest rate sensitive plays were hammered.The long intermarket explanation with takeaways continues for premium clients – and freely I‘ll share the financials chart update from yesterday. 
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