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“With regard to matters requiring thought: the less people know and understand about them, the more positively they attempt to argue concerning them.” – Galileo

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

What looked like it would be a troublesome day for bulls yesterday took a positive turn as the S&P 500 opened down nearly 1% at the open after CPI came in surprisingly high. The opening ticks were as bad as things got, though, and from there, stocks staged a comeback throughout the trading session even as yields only pulled back modestly from their intraday highs.

The S&P 500 successfully tested its 50-day moving average right at the open, but bulls still have something to prove as a pattern of lower highs has started to set in since the high in late January. Individual investors appear to be increasingly worried about the market’s churning lately as the American Association of Individual Investors (AAII) gauge of bearish sentiment has surged from 34.0% to 47.3% in the last two weeks!

This morning, futures sit right around the unchanged level ahead of the January PPI and after a rollercoaster overnight session where futures sold off into the Asian close and have rallied since then as European stocks rally (again).