All markets including stocks, bonds, gold, silver, copper, and oil are rocketing in response to Employment Cost Index.  The index came at 0.2% vs. 0.6% consensus.

In our analysis, the interpretation of market participants that the Fed will not raise interest rates now is just plain wrong.  Also all other evidence contradicts the number released this morning.

Our very, very short-term early stock market is positive but can turn on a dime as the  market is very overbought.