The inflation scare amplified by CPI data caught the mainstream off guard, and the S&P 500 made no attempt at the opening gap. Both the VIX and put/call ratio sharply rose to levels unseen in quite a while – while volatility remains well below the late Jan, Feb, or early Mar spikes, the options ratio keeps trending higher since late Feb. Q1 2021 hedge fund letters, conferences and more Technology disappointed and so did the tech heavyweights, but these might put up a fight in the tentative support zone reached. The heavy selling didn‘t spare value stocks or the Russell 2000 either. Emerging ma…

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