I underestimated the impact of the smaller than expected PPI and had to cut short sale losses repeatedly in the persistent rally on Tuesday. Ouch!

On Wednesday before the open, the July CPI consensus is +0.4%, up from +0.2% in June. Core CPI consensus is +0.3%, unchanged from +0.3% in June.

If CPI is lower than consensus, the rally might have legs. But if the CPI is higher than consensus, still another big reversal, this time to the downside.