CPI came in hot this morning. Shanghai has renewed lock downs and will roll out mass testing in seven areas of Shanghai. UNG Natural Gas is in a gamma squeeze to the upside, so energy will remain high with lite retracements, and energy is the only area where you could buy dips; everything else is going to start feeling the Fed’s hand.
Mexico is the only country in the world that is in Goldilock, i.e., their economy is still growing and they’re able to mitigate some of the inflationary pressures others are facing. Other than that, everything is still in Inflation, and a few countries (China, South Africa, Israel, and Tawain) are already in recession.
Morning Update – June 10th, 2022