That CPI report saw a welcomed relief in used vehicles, which has a 4.167% relative importance.  But there were big jumps in airline fares and hotels.  That could be good news for the reopening trade, and signs folks are down for YOLO this summer, even when they might need to dip into savings and into credit cards. Energy is still powering the overall number higher, but I really worry about food, which also spiked the most since September 2005.

The ten-year bond yield is under pressure, and that’s a relief for the market, especially tech stocks. But the bounce is already losing some steam. 

The market is trying to hold onto gains, but the rally has stalled. The QQQs hit the 50 day and lost momentum. 

Tomorrow morning,  banks report, including JP Morgan (JPM). Let’s just say,  it’s been two years since the stock popped higher on the news.