I’ll come right out and admit it. I’m scared to pieces about Thursday morning. An hour before the opening bell, that’s when the CPI report comes out. It’s one of those events which have become as important, or probably even more important, than the FOMC circus. The reason being, of course, that inflation is all anyone worries about, and this one data point (the CPI) will be an important suggestion as to whether it has topped out or if it’s still running hot.

Just to exacerbate this worry, here’s the QQQ. The tinted area shows where a major Fibonacci support level and a major supporting trendline converge. It would make abundant sense for the market to go raging from here. By the same token, if this level fails, the bears are going to run naked, screaming, through the bourses of the world, because 3200 on the /ES will be on the menu. Anyway, I’ve raised some cash out of being a total namby-pamby.