Wednesday, August 16, 2006

Short post today...

I'm out of the office today working on completing a transaction proposal, so my commentary will be brief.

I'm very surprised the market has reacted so positively to the CPI figure today. I thought it would have taken a pretty big miss on the downside to create another substantial rally. Now we can read yesterday's price action as muted waiting for confirmation today. I guess I underestimated the power of all that cash sitting on the sidelines.