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CPI Digestion
Yesterday at 0830 Eastern the latest CPI print hit the wires. As is common on 'event' days, volatility was huge in the equity indices, a function of stop-hunting by large account players. If you had proximate stops a little below or a little above Wednesday's close, there's a good chance those stops were taken out Thursday only for the index to then move past them anyway - on both sides! It was a good day to be hedged. Right now the market appears to be settling down and perhaps getting ready for a move up, at least if you believe the charts.
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