The Runaway Rally Before Earnings and CPI

By Don Kaufman

The bull market continues its impressive run, with major indices hitting new all-time highs daily. 

As of this writing, the S&P 500 has reached the upper edge of its 56.33 expected move, demonstrating remarkable strength.

Tomorrow brings two significant events for investors to watch. 

First, the release of important CPI inflation data, which could influence market sentiment and Federal Reserve policy expectations. 

Second, we're entering deeper into earnings season, with numerous high-impact reports on the horizon. These "crush events" often create opportunities for astute traders.

Notably, upside volatility is beginning to increase. While the VIX isn't spiking dramatically, it's showing signs of awakening, suggesting growing market anticipation.

This market action is driven by familiar factors - the hope of low interest rates, economic recovery, and strong corporate earnings. 

While there's nothing revolutionary about these drivers, their combined impact is undeniably powerful.

Let's examine the current market dynamics more closely and consider potential strategies for navigating this environment.

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