S&P 500 bears couldn‘t maintain the momentum, and the buyers pulled off a fake breakout. As much as it was supported by bonds, these gave up both their intraday gains and risk-on posture in what bears hallmarks of a first refusal to go up. Not that I would be expecting any sizable upswing today, the 3,620s would provide first (easy to overcome) level of resistance. This would be tested on the initial PPI reaction – it‘s likely that stocks would try to interpret it in a bullish way before realizing that tomorrow‘s CPI is what matters more to the Fed really. Q3 2022 hedge fund letters, conferenc…

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