Any Change In Market Leadership?

The stock market rally got the big boost the bulls have been hoping for and the bears have been concerned with the lower-than-expected CPI Report. It was not surprising that stocks opened sharply higher after the report on Wednesday as the S&P 500 opened 33 points higher.

The FOMO and short covering accentuated the gains as the pressure was on those still negative strategists as well as those that were under-invested. Most now agree that inflation has likely peaked as the Reuters headline concluded that “June inflation data may have pushed Fed over the mountaintop”.