Yesterday, we looked at the divergence between short and long timeframes for stock-oil correlations. Today, let’s look at a couple charts showing the divergence between oil and stock investors.
Yesterday, I said there was some evidence that the low could already be in. Then, the red-hot producer inflation data came out, plus Powell flapping his lips at the press conference.
Nothing much on the economic calendar today, just some manufacturing and industrial data. Basically manufacturing came in relatively flat, while industrial production showed a modest increase on higher factory and mining output.
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A Perspective on the Market Pain