What Caused Today's Surprise Rally?

That was fast!  I'm talking about that relief rally that came even after inflation was much hotter than the street expected.  Wall Street consensus was already high for the CPI report, but cost climbed even faster and that initially rattled the market.

But then it turned around and rallied...and rallied fast.  There was a sense the train was leaving the station and a lot of folks got on board. 

The problem is a lot more didn't take the bait, and soon that bounce fizzled, and major indices drifted back to the flat line.  We are slightly higher, but without any real enthusiasm, and now I wonder if we might not close at a new high.

One thing that stands out is the leaking in Financials and Energy names as some cash in short term value trades and in Industrials and Materials on growing doubt of an infrastructure plan.

I remain in the Fed's camp on inflation.