The market has wavered back and forth, but investors remain committed to holding into the close, and betting the CPI is a big enough miss to spark a huge relief rally.

It's a good "bet," as there is a ton of evidence inflation has peaked.  Of course, there are components, including food and shelter that will wreak havoc on folks for the rest of the year and longer. The question is just how much the Fed needs or wants to prove itself after the "transitory inflation" debacle.

My greatest fear is they'll go too far.

The dollar is weaker and that is solid news for the market - although it must pull back a lot more.