MEME: STAGFLATION
It was July 1 when I first predicted that the meme stagflation would soon rear its ugly head. Since then its only appeared on July 20. Well its appeared in the Matrix again:

" "The big story today is that oil is once again at new highs," said Peter Cardillo, chief market analyst with S.W. Bach & Co. "The market is being tanked by this situation, and also anticipating tomorrow's unemployment report."
"I think a good number [Friday] could reverse market psychology a bit," he added. "But a bad number would confirm what people are interpreting as economic malaise setting in again. Combine that with these oil prices, and I think stagflation would become the headlines a day."

Its too early to get excited because CNBC has yet to do a centerpiece story about it. So, stay bearish until then.