The CPI data from yesterday morning is helping the stock market, but the focus will quickly turn to the earnings season tomorrow. Thus, it could give us some subdued action today. However, that action should pick up nicely in the days and weeks ahead.
The dollar has already broken below the key support levels we highlighted just a few days ago. It’s getting oversold on a very-short-term basis, but it looks like it’s headed lower after any near-term bounce that might develop.
The action in gold recently has been very constructive. Therefore, it won’t take much more upside follow-through to confirm that the recent two-month down-trend has reversed to the upside.
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