Tonight's PPI data has made the market hit the brakes hard.

In July, the U.S. Producer Price Index (PPI) rose by 3.3% year-on-year, and surged to 0.9% month-on-month, reaching a nearly three-year high, far exceeding market expectations. This round of increase is not due to energy disturbances, but rather the continuous rise in "service costs," indicating that inflation has begun to transmit to the consumer end, and the Federal Reserve naturally cannot afford to ease up easily.

The market's expectations for a rate cut in September have therefore dropped sharply, leading to a synchronous rise in U.S. Treasury yields and the dollar index, causing all risk assets to fall in response.

However, it is worth noting that the spot premium has instead risen rapidly, creating a significant divergence between the spot and futures.

This indicates that in times of panic, the spot market did not actively sell off significantly; instead, there was capital taking advantage of the pullback to position itself. In the short term, as long as the risk sentiment does not further escalate after the U.S. stock market opens, and tonight's premium structure does not weaken, there is a high probability of a recovery opportunity tomorrow.

The operational idea is very simple: since the short position was unsuccessful, wait for the signal to turn strong and then look for opportunities to go long. A price reversal is an opportunity for you to get in, not to scare you out.

Every time there is a non-systemic macro disturbance, it is a time window for long-term capital to gradually position itself.

Don't panic, don't rush. The key tonight is to pay attention to the changes in premiums and the market sentiment after the opening of the US stock market. The short-term impact is significant, but the long-term logic remains unchanged.