Buy the Dip

I'm a bear, but the late day action ahead of the CPI makes me think the CPI, or the reaction to it, will come in better than expected. At this point, I believe further downside would require an unquestionably bad CPI report with nothing good in it. If there is anything positive in it, such as used car prices tumbling, something, anything bulls can point to, a rally is possible. Obviously events will play out on the ground, but I generally fade the market when it frontruns news, even if I think the news ultimately overwhelms the market.

Market Panics After JPM Predicts CPI Will Come Hotter Than Expected, White House Confirms