We had a positive day today as most of our positions traded in our favor. Just like we pointed out in last night’s update, today’s session saw wider trading ranges on the back of the monthly CPI report. The big difference this month is the markets were much more resilient in the face of higher inflation numbers. I, like most, expect to see high inflation numbers over the next several months – I don’t expect the Fed to change their policy stance one bit, which should mean higher prices for risk assets. Looking at our individual positions, I liked how our 10Y Notes (ZN) and S&P (ES) long positions both traded higher. If you paid close attention to our ES position today, you may have noticed we came within 1.50 points from being stopped out – sometime, it’s better to be lucky than good. :)

We’ve got a setup to flip HO short tonight. Canceling out the KC order that didn’t fill.


HO Short DAY 2.1253 2.1777

UPDATES: Reminder that our PMs (Portfolio Mgrs) are out of the office beginning tomorrow and through next week. We will continue to publish new and updated orders but will not be providing the daily market brief. They will be available in the case of market emergencies only and will not be answering emails.

To see our current and previous positions YTD see below.