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A weaker-than-expected .2% CPI report resulted in a market rally that broke out of the consolidation range. Markets interpreted the drop to 3% YOY inflation to infer the Fed will halt its interest rate hike campaign, if, in fact, the FOMC raises rates (for a final time) this month.

Sell signals are about to flip to "buy." Most of today's action will be tech-driven. At this point, there's not a lot to stop markets from once again reaching all-time highs. Note, however, that we're in the seasonally weak time of the year; the put/call ratio is "put-hate" across the board, with no one really believing the market can decline here. We still believe there is the possibility of a short term correction this summer.

Use dips as an opportunity to buy-in to markets. Recession concerns remain, but the markets are looking well-past that now.

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