S&P 500 rose as VIX retraced over half of its recent spike, but tech and value have a short-term tired look. Cyclicals turning down while utilities with staples barely budge in spite of a surge in yields? That looks really risk-off to me, and together with commodities and precious metals going nowhere, represents your usual setup before tomorrow‘s CPI announcement. So, count on some headwinds today. Q3 2021 hedge fund letters, conferences and more A reasonably hot inflation figure is expected tomorrow – inflation expectations have risen already yesterday. The fears are that a higher than what …

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