AAPL was precariously situated at the neckline of the head and shoulders pattern and ready to break before the release of the October CPI report yesterday morning which was 2/10ths cooler than economists had predicted at 7.7% (yes you read that right). This sent AAPL up 11% in two days. This move along with the move in semiconductors (14% during the same 2 days) and the rest of the beaten down FANG complex including MSFT created a plethora of Wall Street talking heads to declare the bottom is in for the year and that the rally is sustainable at a minimum for a few percent more. As if today's flashing SPX 4000 signal wasn't enough after touching 3520 on October 13th up nearly 14% in 21 trading days. Meanwhile the Dow closed the day down just 8% on the year, the NasDAQ 100 is down 30% and the SPX is down 18%. Interestingly AAPL is also down 18%, the only big cap tech stock under 20% with most others down 35-75% YTD. They can only hide in AAPL so long as the underlying fundamental "growth" story and a bad chart give way to much lower prices. Look at the charts of all the FANG stocks they have, with these rallies, only come back to difficult levels. Look at semis which are up 33% since October 13th, the day this bear market rally started on a hotter than expected September CPI report that triggered a reversal day of epic proportions and its ensuing rally. Yes 33% in 21 trading days that's 1.5% a day. I'm not saying there isn't a little more room on the upside but when we are moving this far this fast as if stocks and the economy are out of the woods because the Fed may pivot I'm willing to bet against the lunacy continuing much longer. The charts speak for themselves with some Dow components up 30-50% in one month. Moves like this can not be sustained. The Dow has hit a significant downtrend line. Semis the same. Most FANG back to difficult levels. I'm not sure if the next 2% is worth the reversal that is almost certain to occur once folks realize that inflation is still entrenched and the Fed still has work to do. AAPL and the market got a put yesterday but it's only an illusion and the next big move is AAPL taking out the neckline and visiting at a minimum its June low at $129. Happy Veteran's Day weekend and much love to all those who served.