Seems pretty strange that the market had this rally. Checking around I can't see anyone with an explanation. I remember reading somewhere that bear markets often end for what seems like no reason. The kind of, when everyone least expects it, scenario. Still it seems that every October the hopes of September get clobbered. Waiting and watching.
I find this guy very entertaining. He is an economist at UCBerkeley and his Journal is often pertinent, though not necessarily "useful". His perspective is interesting.
Big Picture: Annual wholesale prices reached a half century low in May led by the drop in energy prices and the weak global economy. The annual core deflation is the strongest in at least 25 years. Deflation throughout the wholesale stages (raw through finished goods) argues against the risk of an upturn in consumer price pressures over the intermediate term. The drop has been dramatic as May's half century low of -2.7% contrasts with January 2001's decade high of 4.7%. The core (ex-food and energy) fell in to annual deflation in July from near 2% in early 2001. The only inflation concern comes from the stickier service prices (medicine, education, housing) seen in consumer prices. The need to guard against the risk of deflation is now the hot topic at the Fed.
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