S&P 500 with Nasdaq brought us some more gains with bullish price action, and another reversal of first session half weakness. No beating around the bush, here are my thoughts as regards the PPI and consequences for stocks (the real asset ones are given separately).

S&P 500 and Nasdaq Outlook

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5,015 support level is unlikely to come into jeopardy today – 5,041 is likely to contain any temporary pullback as S&P 500 is heading for a positive weekly close. Russell 2000 performing very bullishly considering yields – biotech had been one of my picks, and most of the regional banks are doing all right as well, in a clear nod to risk taking and breakout of the two year long base. Specialty retailers and discretionaries in general don‘t favor stock market pullback or recession either.

Gold, Silver and Miners

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Gold delivered Thursday‘s upswing, and isn‘t likely to decline today either. The bias is bullish, and silver is pointing to no rates squeeze ahead as well. Same for miners.

Crude Oil

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Crude oil is to be weaker today than precious or base metals – precisely because of lower inflation figure. Equities would be the chief beneficiaries rather than real assets.

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