Stay Disciplined

Jan Effect Focus

Admit it!  The CPI at 0.2% core versus 0.3% expected made you want to buy, chase, FOMO when futures were up 4% at 8:35!  Did you?  Tempted?  Hopefully not.  On the one hand, whether it was 0.2% or 0.3%, multiply that # by 12 and you get annualized CPI 2.4-3.6%, not terrible either way if the trend continues.  THAT is the bull case.  I had been saying watch for that narrative change possibility for months and we are finally here!  Yeah?!?!  Not so fast.