Market Should Bounce

After a big decline and multiple tests of support the market should be able to bounce on good inflation numbers.

PRE-OPEN MARKET COMMENTS THURSDAY - The market finally rolled over and the selling pressure has been heavy. Option implied volatilities spiked and VIX hit a resistance level that is consistent with a market low. We've hit this level during recent drops and I am expecting a bounce. The CPI and PPI were better than expected and inflation fears will subside. That will give the Fed more breathing room to ease and the FOMC is next week. Triple witching is also next week so we can expect some volatility.

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