For the third consecutive session, a strong start was erased quickly. This time the headline news on consumer inflation triggered buying - mostly by algorithms- once humans got a chance to comb the data, the results were a little less promising - at least near term.

Record month to month spikes:

• furniture
• vehicle parts
• men's suits

There was also a jump in rents back to February 2020 levels.

But bonds are reacting to lower inflation with the ten-year yield slipping to the bottom of an ascending triangle - it needs to hold

10-Year

This is a market that is reluctant to move beyond tech and defensive in part because of the persistence of the Delta variant.