6-14 Morning Update, CPI data out

Premarket futures were up, but when CPI data came out the gains were erased. At open of bell it seems like investors forgot about the CPI data (“inflation is up”, 100% chance of Fed hiking rates) and sent the indexes up, for example the Dow went up over 80 points in the first hour…

… this sort of action puzzled me. My guess is that the CPI news was foolishly ignored, and investors created their own “self-proclaimed reversal.” There’s a lot of sentiment out there that the market has bottomed out, and this time they’re putting money where their mouth is…

… this only makes it harder to trade.

Some stocks to watch:

Infosonics (IFO)- filled in gap this morning, and buying has surged sending stock up.

Versasun (VSE)- IPO today, listed at $23.00, opened at $28.00, and went as high as $30.75. This ethanol stock is getting expensive fast. I wouldn’t be surprised if this opening performance got a boost from Pacific Ethanol’s (PEIX) news sending all ethanol stocks up today.