CPI Report on Tap | Trading the S&P at Current Resistance

Futures are dipping on the CPI report.

Our View

Today is CPI day. My guess is the number will be bad, but I think it's already priced in. That doesn't mean a horrible number won't get sold, I just think it's going to rally after the knee-jerk. 

We pointed out last week how the MIM had flipped from big MOC sells to being over $15 billion bought on the close over a period of several days. I thin…