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Today’s big upside inflation surprise piles on the stagflationary evidence as production expectations remain too optimistic…

Source: Bloomberg

The flip-flopping continues with Small Caps down today and Big-Tech up. The Dow ended unch and S&P modestly higher to a new record close…

The ratio remains rangebound…

The original so-called “Meme Stocks” were monkeyhammered today, biggest drop since March…

Source: Bloomberg

With AMC down hard…

And GME was puked after its earnings call as investors anticipated a 5mm share ATM offering…

And freshly minted member of the meme stocks – CLOV – was also clubbed like a baby seal today…

Overheard on Reddit…

Despite CPI exploding higher, Treasury yields were notably lower on the day, accelerating that dive in the last hours with 10Y leading the drop (on the week -11bps, and the day -4bps)…

Source: Bloomberg

10Y yields broke down once more, taking out the Payrolls spike lows, back to their lowest since March 4th…

Source: Bloomberg

Breakevens were higher today after plunging in recent weeks…

Source: Bloomberg

The dollar ended lower but in a narrow range after some chaos around the CPI print…

Source: Bloomberg

Cryptos were mixed with bitcoin up modestly and ethereum down modestly. Bitcoin tested $38k and found push back….

Source: Bloomberg

Real yields tumbled today (catching up – inversely – to gold)…

Source: Bloomberg

Gold surged higher after the hotter than expected CPI print (echoing the payrolls miss move)…

Source: Bloomberg

WTI managed miraculously to end green today after plunging on Iran sanctions headlines…

Finally, we note the VIX and VVIX (VIX’s implied vol) have notably decoupled…

Source: Bloomberg

And the last few times VVIX has been so high relative to VIX, it has not ended well for the market as VIX has tended to push back above 20…

Source: Bloomberg