If the CPI Report Don't Fit, You Must Submit

After yesterday morning's red-hot CPI report, bulls are now latching onto a cool headline PPI print this morning with (oddly) "seasonally adjusted" lower gas prices, even though gasoline has clearly been rising. 

At any rate (no pun intended), the Nasdaq is leading today's bounce even as both rates and the VIX are higher as I write this. Energy is red while precious metals are green, and there is plenty of buzz about Iran striking in the Middle East. As noted yesterday, even the large banks in the XLF ETF look ripe to finally come in after a steep rally, and they are noticeably lagging today. 

Overall, with rates pushing higher yet it seems as though the cognitive dissonance for tech bulls remains firmly intact, as they yearn for their beloved rate cuts in the face of a plethora of evidence of resurgent inflation. 

As for ideas, uranium stocks have quietly reset after disappointing earlier this winter. CCJ and DNN look tight and flagging to my eye.