When I have nothing better to do, I cast a technical analysis eye upon markets. It's voodoo stuff, mind you, but here goes...
Yesterday, S&P 500 initially cheered the "better than expected" CPI number and rose strongly, only to reverse and close flat on the day (see chart below). Such intraday reversals, particularly on the back of positive news, indicate underlying selling pressure: investors who wish to unload long positions quickly take advantage of the fleeting buying demand and sell into strength.
And now, back to our regularly scheduled program :)
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