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I know what you’re thinking, and no, we’re not out of the woods. We’re still under the influence of volatility, so consider any rally a rip-your-face-off rally until proven otherwise. The risk/reward picture still favors downside – heavy downside.
Now, I can hear you saying, “But Doooon – what about CPI today?” Well, you’d think we’d have had just such a rally – there was actually a 52-point expected move – but the most anticipated data dump in weeks turned out to be a bit of a dud.
Look, markets love to watch the birdie – they fixate on one thing, then another, and another. Inflation was the shiny object for months – years, even – but now everyone can see it’s coming down. Slowly but surely, it’s coming down.
Now traders are looking to live or die on a different flavor of data – I’ll show you how and why in a second.
