Even though CPI was above consensus, and even though consumer sentiment fell yet again, the market is rallying, up about 150 points on the Dow as of this writing.
Looking at the intraday graphs, you can see this rally is still within the context of a downswing.
In addition, the VIX, which fell sharply from mid-March to mid-May, has now hammered out a nice saucer pattern, implying an imminent upward move.
