PPI Lower and Equities Holding
The PPI number helped the bid yesterday in equities coming in at 0.2% with expectations 0.4%. This helped maintain bids in most risk assets across the board. However by mid afternoon unfounded claims of a Russian rocket killing 2 people in Poland sent equities to their lows with the Nasdaq reaching that all important 11750/11770 area. This area held and the markets seem to be taking their cues from the continued bullish tone as the US Dollar is weaker today as well, which generally bodes well for risk assets.
For now we like the bullish risk on mentality with US Dollar lower and equities continuing to hold onto recent gains. For today the levels to watch technically are as follows and starting with the SP500 futures, where 4027 and 3975 are initial early keys:
