Welcome to Cozy Bell. I am Mike Santoli in for Scott Wopner today and this make-a-break hour begins with a re-approach of record highs.

The S&P 500 on the verge of recapturing all of Tuesday sharp drop on that slightly hotter

inflation reading. The index now actually slightly green for the week. It is

flirting with its all-time closing high. That was set last last Friday that was at about 5026 or just

above that at the moment and once again today small caps and financials are

outperforming resuming the rotation away from mega caps that was interrupted at least briefly by

Tuesday's pullback. You see Financial's Goldman Sachs up 2.3% wells up 7% we'll

talk about that. Invidia cooling off for a change but the AI enthusiasm continues to flow into the likes of

super micro here you see it is up 12% today up more than 200% since the start of the year.

All of which brings us to our talk of the tape.

Can a clean breakout follow this week's brief shakeout?

And are the markets correct and shrugging off that uptick in

in CPI and softer retail sales numbers

this morning ahead of a PPI reading tomorrow?

Let's ask Rick Reader, he is head of of Black Rocks Global Allocation Team and Chief Investment

Officer of Global Fixed Income there.

Rick, great to see you.

Good to have, good to be here.

Thanks for having me.

So there you start with, you know, I think there was a lot of comfort that we had a pretty solid

economy and you know the central banks were in a good place because they could be

patient the economy didn't need too much help and inflation was going the right

...