It’s been nearly three hours since the CPI report came out, and the market just doesn’t know what to do with itself. As I am typing these words, the /ES is unchanged, the /NQ is down, the /RTY is up, and every one of them looks like an EKG printout. Lest you think that the market is a bar-goon right now, kindly look at the percentage of stocks above their 200-day moving average. It’s awfully damned high:
I have no interested in declaring the bear market over until this indicator crams down into the deep zone you see tinted in green above. As it is now, we are in our 4th consecutive month of stocks going higher (as measured by this indicator).
