I and others had hoped the release of the CPI number this morning would change the perception of value on the part of traders and we would break out of the current rotational pattern they have been in for the last few weeks. While the SPY tested the lower extreme and bounced off it, the QQQ bounced much sooner. This keeps the short-term outlook still in the air regarding the current market development. As is typical in a rotational pattern, volume is low and continuing to fall off. The extremes of the current rotation are becoming extremely important to the next larger degree of time and price move. Breaking them should open a more significant move in the direction of the breakout.