The rebound in equities accelerated again on Wednesday but traders are cautioned not to become complacent. The move is on the heels of better than expected earnings from some key S&P 500 companies but the specter of inflation is still looming. The CPI data is due out today and it is expected to be positive if not an acceleration from the previous month. The risk for the market is the data will not be consistent with the FOMC's idea that inflation is peaking and will up the ante in terms of interest rate hikes. The odds of at least one 25 basis point hike at the next FOMC are above 100% and the odds for two 25 basis point hikes are growing.

In stock news, tech stocks led the rally on Wednesday with names like Meta, Shopify, and Etsy leading the charge. Rebound plays were also in favor and should help lift the market back up to the recently set all-time high. If the market can set a new all-time high it will likely rally into the spring and early summer barring other developments in the economy.