Inflation up 2.1%. Ouch.

That's a faster-than-expected inflation uptick. Stock market isn't going to like it. That very brief and modest reprieve we had yesterday when the dow gained a few points could be reversed today. 

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And some are saying this is looking like 2008. Peter Toogood, chief investment officer at Embark Group, is calling the market 'nuts'. And that was before the inflation figures from today. He's not buying anything much in this atmosphere. 

"It's going to be one of those markets where you're going to, I suspect, get a bear market and it's going to be the reality of how far does it go down before (next Federal Reserve Chair Jerome) Powell and co reverse QT (quantitative tightening) and start saying OK we need to be the supportive mechanism again."

 

 

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Dow had already lost 100 points at market open ...

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but back up again now

 

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some traders are now eyeing some stocks that seem to be affordable now thanks to the correction. Not sure it's a wife play, but no one has any idea at this point. 

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