The Peter Ships Show.

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Well, S&P and the Dow Jones both closed in new record high territory today.

Now I think the catalyst, although you know I don't even think the market needs a catalyst

to go up because it's riding a wave of cheap money, but the economic data points that

I think provided a lift were the numbers that we got on the July CPI.

Now I've been talking about these CPI numbers all year so far we had six monthly numbers

and every month exceeded expectations.

In fact, sometimes the numbers came out so much higher than estimates that they weren't

even within the range of estimates, meaning that the number ended up topping even the

highest estimate that anybody had.

Well this time we finally got a CPI number that did not beat the forecast.

It came in exactly as expected.

Now this was one of the higher numbers that was expected.

The expectation was for a 0.5% number.

So I think month after month of coming in too low the estimates were a little higher.

In fact, they ranged from 0.4 to 0.6.

Remember last month we had 0.9.

So 0.5 was still quite a bit below 0.9, but still a relatively high monthly number.

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