Friday was Day #2 of our most recent attempted rally. A tame CPI report helped boost stocks throughout much of the day. The hiccup of the day came starting after lunch where we say selling hit the markets. Many market pundits, including RevShark were calling for the demise of the morning rally. Intraday trading like this is dangerous and RevShark and other s were proven wrong. Stocks were able to gather steam and close on the highs of the day. Extremely bullish movement by the markets, but the caveat was volume. Volume declined crossed the board, lessening the impact of the bullish price action. Tuesday will market Day #4 of the attempted rally and where we’ll need to see confirmation of this new rally attempt. Crude Oil, Natural Gas, and now Agriculture and Grains are joining commodities that are continuing their recent ...

What’s it going to take? What will it take to get the Federal Reserve to join the rest of us in Realityland when it comes to inflation? That’s the question I keep asking myself day after day … week after week … month after month … as prices continue to spiral higher.

Just get a load of what we learned about import inflation in the month of April:

First, the cost of goods imported from abroad jumped 1.8%. That was bigger than the 1.6% increase that economists were expecting. More importantly, the year-over-year rate of import inflation soared to a whopping 15.4%.

How out of control is that? Look at this chart. You can see that we have NEVER seen import prices increase this much, or at least not since the government began tracking such figures back in 1982: …