1. Hot CPI number. This was a very hot CPI number released earlier today. Total CPI was up 9.1%, versus 8.6% in May, and core CPI was up 5.9%, versus 6.0% in May. This was the fastest rate of increase since 1981. Now this number is from June and since that time many commodities have sold off and corrected. Remember, the markets are forward looking.  

2. Earnings Season Start Tomorrow.
JP Morgan Chase (JPM) & Morgan Stanley (MS) kick off earnings season tomorrow. Many traders and investors are waiting to hear what these financial giants report and have to say about the future. These stocks also remain very weak on the charts and tomorrow's earnings will be important. 

3. The US Dollar Index (DXY) is making another new high today. The last time the dollar was at this level you have to go back to 2002. It is getting a bit overbought and due for a pullback soon. I think around $109.00 to 110.00 level we see it stall out.

4. Defaults on auto loans and mortgages are up. Inverted yield curve will inevitably lead to recession.

5. The price of Rolexes is heading down along with yacht sales. Same with RV’s. All went wild during the pandemic and have now hit the skids.

6. Gold is flat. It is very oversold here and may need the US Dollar to pullback before it can catch a bid. As we were talking it’s now up $14.5. It’s due for a technical rally. Mining stocks are looking good. Same with Platinum.

7. Bitcoin is trading around the 19,300 area. It continues to bobb and weave around the 20,000 level. Remember, the bigger trend is down and until it tests the 13,500 I think traders must remain cautious.