• The “internals” were not bad during yesterday’s decline in the stock market, but the tech stocks are still on the cusp of breaking down.  Therefore, the action in this group over the next few trading days should be extremely important.
  • This morning’s CPI number should be important for bond market. (Duh)….However, if it is a non-event…and yields don’t move much…we think it will be negative for stocks.  In other words, there is one bullish scenario for the stock market in terms of this data…and two bearish ones.
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