When the market was in full selloff mode shortly after the opening bell, I was thinking maybe I should have waited one more day before saying there as a better than 50% chance for the market to rally into the close... LOL... Actually, the test for this market has to start with a deep selloff at the start of trading.
I think a lot if this is knee jerk and habit, as the script has been flipped to selling rips or simply selling. The CPI report was actually better for those looking for the Fed to remain accommodative. I'm not saying there will be delayed tapering, but I think the notion of hiking rates next year is preposterous. I can't believe the street is buying into this, but see the headline this morning:
U.S. FED FUNDS FUTURES IMPLY TRADERS SEE 90 PCT CHANCE FED RAISING RATES BY SEPTEMBER 2022
Also this from Bloomberg.
I will say this, action is defensive, as both value and growth are mostly marking time with the former yielding ground to profit-taking.
By the way, hope you had a chance to see William Shatner talk about his Blue Origin trip...he's going to sell a few tickets for sure.