The fact that we have come down so far, so fast and that it is a Summer Friday make me think we should drift higher today. My only apprehension is that everybody seems to want to short a rally. I will be waiting for a better oversold reading before doing any buying and will pass on playing small bounces for now.
CPI came in a little high, even with hedonic adjustments. The data doesn't jibe with deflation unless one is looking at the stock market. Retail sales are the most useless economic report as retailers already reported the more accurate data for July. JC Penny lowering estimates might be the more relevant data point.