Today’s performance was largely mixed with most markets trading sideways/choppy – really not much to highlight. It was good to see more upside in Orange Juice (OJ) and 10Y Notes (ZN) but nothing really to write home about. I think tomorrow will be very different with the monthly CPI report due out in the morning. As a reminder, the CPI report last month caused a fairly large selloff in the index futures. While something similar could happen tomorrow, it seems like the market should be better prepared for a hot inflation number. I expect to see a lot of false moves directly after the report, with the market rewarding our positions at the end of the day.
For tomorrow, we still have a trade setup to reverse our Coffee (KC) position on weakness tomorrow.
Have a great evening.