Watching the small caps ahead of CPI data

Been interesting to see the relative strength in some of the smaller cap names in the last week, even with broader market sentiment a bit mixed. With the upcoming CPI print, the general consensus seems to be that a hotter number will finally dent the "soft landing" narrative, which could hit the growthier, less profitable end of the spectrum first.

I'm not exactly making any big moves, just keeping a tighter leash on the higher beta stuff. The market seems to be pricing in a relatively benign inflation print already, so any surprise could quickly unwind some of the recent gains, particularly in areas like tech. The big question for me is whether the dip buyers will show up with the same conviction we've seen recently if that happens.