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Stocks were down early this week ahead of the CPI report on Thursday, that's where things got interesting. The CPI came in a slightly more than expected remaining over 8% year-over-year. This more than solidified at least a 0.75% rate increase in the November FOMC meeting. But the more interesting part is the market action the report sparked. Stock indices plummeted at the open, the S&P 500 opened down 1.58%, but buyers swarmed in for the rest of the day and those losses ...

For years the CPI has been a ho-hum report because inflation has not been any kind of concern. Now look what the CPI reports are doing to the stock market. The futures were up big before the release of the CPI and that got turned on its head after it was released and came in hotter than expected - maintaining a year over year gain of over 8% at +8.2%. The selling was fierce in the 90 minutes before the opening bell, but once the opening bell rang, the buyers stepped up.

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