today - the gap up after the CPI numbers just wasn't to my liking for a buy. I thought seriously yesterday afternoon about buying in force, but the risk/reward just didn't seem good. We had mild numbers, which resulted in a "modest" retracement, but I was thinking of the other side; had we had a really high CPI figure we could easily have slipped into oblivion again. The more I watch the tape, the more it seems that being long stocks is fighting against the current of the market.
Energy seemed to be the big winner with 2-3% gains on the day. I thought about shorting this uptick, but with options expiration and a possible short term retracement rally in the works, going short from a risk standpoint right now only seems to be doable on intraday trades.