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“What frightens us today is exactly the same sort of thing that frightened us yesterday. It’s just a different wolf.” – Alfred Hitchcock

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Futures were higher coming into the July PPI report and got a further boost after a lower-than-expected PPI report. S&P 500 futures are up over half a percent, and the Nasdaq is indicated to open up over 1%.

The rally in US stocks followed what was a very positive night in Asia and specifically Japan. After Japanese stocks experienced one of the worst single-day declines in history last Monday, the TOPIX has come roaring back over the last week with a gain of 14.7% for its best five-day gain since November 2008 and the fourth best on record (it was closed on Monday). Despite that monster gain, the TOPIX is barely up over the last five trading days (red dot in the chart below).

Zooming in just on periods when the TOPIX rallied more than 10% in a five trading day period, its performance over the last six trading days ranks as the worst on record.

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