Daily Wrap – Producer Price Index Reflating At Fastest Pace in 12 Months

The three important stories for the market today were 1) Much Hotter than Expected Inflation in the Producer Price Index; 2) Meme Stocks Soaring and forcing Huge Short Covering; and 3) This Afternoon’s Mega-Cap Leadership. Number 1 is the most important development from a big picture/macro view. Number 2 is an interesting and intense throwback…