Tenuous Base Building
S&P 500 had no fear going into CPI, and overpowered the sell the (good) news retail reaction. Coming in perfectly in line with expectations, CPI didn‘t move rate cutting odds much. Even if 0.1% figures would have taken S&P 500 above low 5,480s, my reading of both the figure and its aftermath was OK. VIX also continued its steady retreat to the 16 handle.
Stocks are though thort-term overbought, making the pace of gains painstakingly slow, but let me feature first the CPI predictions of yesterday, followed by expectations for today‘s retail sales, unemployment claims and manufacturing data (further nuanced in importance for client below).
(Click on image to enlarge)
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