This morning's CPI number gave the bulls a sigh of relief, and the markets opened solidly higher. As of this writing (only 20 minutes into the open), the IWM has solidly closed the gap it created back on January 4th. By the time you read this, it may have soared past that horizontal resistance line. The Dow is already up into the triple digits. Fun, fun, fun.
By contrast, gold and (more so…) oil are weaker as of this moment. I guess the feeling that's starting to spread is that if oil falls, that will be a great catalyst for equities to explode higher. In other words, expensive oil is the only thing holding them back. I am thus highly concentrated in oil-related shorts and avoiding index plays.
