Inflation Jumps 1pc in May

The CPI blew away expectations of 0.5 percent and rose 1.0 percent. Stocks reacted as expected, bond briefly did and then reversed. The line on ES is the neckline of the sloping H&S pattern. Let's see if this turns into an across-the-board buy-the-dip day. U.S. dollar is also selling off, JPY calls pulling back too...

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