Realize that the biggest financial bubble in U.S. history has popped. Although this is becoming increasingly obvious, you can be certain investors are waiting to jump back in at the subtlest sign of a bottom.
I am seeing a lot of people getting really bearish here, and once again, we are seeing a similar thing as we move into an intermediate cycle low. Gold needed to close below the uptrend and that has occurred..
Markets will read many things into today's inflation data. Is it the peak, is it coming down, is it still streaking .. ? The 10 year note has seen its yield back below 3% so someone believes inflation has peaked.