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The market’s been sticking traders with a weird, and, sure, let’s call it frustrating, conundrum for the better part of three weeks now.
It goes something like this…
Stocks are bouncing around in a tight 100-point(ish) range… but volatility has been really high, with the VIX pegged above 20 most of the time. It’s like someone broke the needles off the S&P and the VIX. Throw in some fairly light volume most days, and you get the impression no one wants to stick their neck out in front of any potential catalyst.
There are reasons for this, which we’ll talk about in a second. And of course despite the range there have been big winners and losers, which we’ll also get to.
But there’s a very high-risk situation waiting to unfold, and the next session or two of trading is going to be… let’s say… interesting. Really interesting. CPI is going to have a lot to do with this.
Let’s get ready together…
