CPI report - if it's hot in the right places, the market could rip higher tomorrow. It's getting less easy to make the CPI up = market up call because higher oil prices have an almost unique ability to destroy demand (I guess people notice when prices at the pump rise, but they are like frogs in a pot slowly raised to a boil when it comes to other prices creeping up).  It almost seems like a heads you win, tails you win scenario tomorrow. However, if CPI surprises by more than a little to the downside,  I think the correction will likely confirm. Otherwise, as long as the Gov is printing and spending 1 trillion per 100 days, PPI stays solidly below CPI (margins safe) and the bond market doesn't completely lose its shit about spending, it should be pretty hard to keep asset prices down.

*The 10's of millions undocumented workers flowing across the border willing to work for very low wages are also a major tailwind. Full time jobs are crashing while businesses rejigger their employment strategies to take advantage of these new workers with very low demands in terms of wages and long term benefits that would normally be demanded by full time American workers.