Totally not transitory inflation readings didn‘t sink S&P 500 – stocks recovered, and are likely to spend trading today near 4,400. Credit markets didn‘t disappoint after all, but the sectoral composition isn‘t a picture of screaming strength. Value erased steep intraday losses, so did the Russell 2000, but tech visibly lagged instead of being prodded by retreating yields. VIX also is approaching the more complacent end of its spectrum. Q3 2021 hedge fund letters, conferences and more So, how far could the bulls make it? 4,420 is one resistance level, and then prior local highs at 4,470 await….

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