As I write this on Thursday morning, 1.6 million options contracts have traded with a put/call ratio of 0.84, a sign that investors are in a bullish mood early in the day. Of course, we know that can always change.
A big reason for the enthusiastic start is the benign U.S. CPI report. The July U.S. CPI rose 3.2% year-over-year, below the expected 3.3% increase. The July U.S. CPI, excluding food and energy, rose 4.7% YOY, down from 4.8% in June and right on the consensus estimate for July.
