Hartnett: "Mission Accomplished"

With stocks enjoying a post-CPI blow-off top, one where all the shorts are mangled and crushed in one giant last gamma-squeeze hurrah that pushes the market to its breaking point, in his latest Flow Show note, BofA's Michael Hartnett - who has adopted a rather aloof and bemused approach to this latest bout of market stupidity - recaps the fast changing zeitgeist as follows "End of inflation, end of war, end of US$ bull…buy commodities & EM."

With just the right dose of self-deprecation and sarcasm, the strategist looks back at events in the latest week and taking a page out of George W. Bush's playbook, says “Mission Accomplished” because...

• June CPI (headline 2% to 9% to 3% roundtrip is now complete),
• bond bears routed as 10-year UST yield heads from 4% to 3.5%,
• real yields back away from 2%,
• "risk assets en fuego as Goldlocks schools us bears."