The Bull Was Pleasantly Surprised by May's CPI Today

Stock prices rallied from the open today on May's CPI report. It wasn't surprisingly good. But investors and traders feared that it might be surprisingly bad. That's been the modus operandi of this bull market since October 12. It's been rallying on all the bad things that aren't happening. So far, there's been no recession, no earnings collapse, no run on the banks, no debt ceiling disaster, and maybe no Fed rate hike tomorrow.

Any day when bad things don't happen is a good day for stocks. Fears that the narrow rally led by the MegaCap-8 might be a classic setup for a fall eased in recent days as the rally seems to be broadening to Financials, Industrials, and Materials.