Bespoke Investment Group noted that in the first seven trading days of 2023, 175 stocks in the Russell 1000 are up 10% or more.
Going into 2023, the pain trade was that the market would rally.
"An in-line report doesn't cut it, in-line has already been sold," Chris Murphy, co-head of derivative strategy at Susquehanna, told me.
"In my mind it [CPI] would have to be below consensus for the market to rally," he told me.
He is particularly watching rental costs: "For inflation to come down, rents have to come down, and if they don't the Fed is going to be concerned."