Watching the $US30 bounce on earnings, but CPI looms

It's interesting to see the $US30 pushing new highs today, currently sitting at 54555.51 after hitting 54744.33 earlier. There's clearly some strong momentum on the back of solid earnings reports from a few key players this week. It feels like the market is really keen to interpret any good news as a green light, almost ignoring some of the underlying concerns that were prevalent just a few weeks ago.

My watchlist is still leaning cautiously bullish on selective names that have shown good organic growth, but I'm keeping a very close eye on the upcoming CPI print. This kind of robust rally can reverse pretty sharply if inflation data comes in hotter than expected, forcing the Fed's hand even further. I'm not chasing everything; rather, I'm waiting for a clearer picture post-CPI to really commit on anything beyond short-term tactical plays.