๐Ÿ“‰ A Short Report

Markets go up. But not every day.

Just one person's opinion from their home library: no investment qualifications, no authority, not authorised by any regulatory body. Market commentary only, not advice or a recommendation. Shorting is high risk.

Inflation station: US CPI at

๐Ÿ“‰ A Short Report ยท Wed, 14 Oct 2026 ยท published

Chart: a broker's CFD price that tracks the FTSE 100, via TradingView. It isn't the official index and can differ slightly, especially outside UK market hours.
Chart: a broker's CFD price that tracks the Cboe VIX volatility index, via TradingView. It isn't the official index and can differ. VIXยฎ is a trade mark of Cboe Exchange, Inc.; no affiliation.

Yesterday's call

Yesterday I called flat; it fell, so I was wrong. I said: My call: flat today. I don't see a clear downside driver today, so it's not a day to short.

What I saw

Yesterday the FTSE rose, finishing near the bottom of the day. Japan rose firmly overnight, which tends to help miners at the open and makes an early dip less likely. Oil firmed, which helps BP (BP/ LN) and Shell (SHEL LN) and props up the index. A rising line drawn under the recent lows is still holding beneath the price, and that's the biggest obstacle to any drop.

Rates

The US 10-year Treasury yield was 5.21% (down 3bp on the day) and the 2-year 4.79% (down 1bp), on 13 Oct 2026. Source: U.S. Department of the Treasury, daily par yield curve rates, 13 Oct 2026.

The pound was worth about $1.3247 on 13 Oct 2026 (our calculation from ECB reference rates, up 0.1% on the day before). GBP/USD calculated by us from ECB euro foreign exchange reference rates (source: ECB), 13 Oct 2026; for information only.

Market mood

Financial markets look calm: the OFR Financial Stress Index is below its historical average (reading for 9 Oct 2026). Source: Office of Financial Research, OFR Financial Stress Index, 9 Oct 2026. Our wording; not endorsed by the OFR.

Official news overnight

Today's diary

US

  1. USInflation (big one)A hotter number could knock markets down, because it keeps interest rates higher for longer in the US.

Diary: Source: U.S. Bureau of Labor Statistics.


My call

My call: flat. I'm sitting this one out, with nothing I can see pushing it down: a rising line under the price is still intact, and I want it broken before shorting. How sure: very.

Last night I called it down. With what happened overnight, my call is flat.