Indices 29/07, page-28

CPI numbers due at 11:30 am.

If high, XJO will dip. Will be interesting to see how bank stocks fare, particularly CBA whose P/E is approaching 24.

XJO has opened higher. Perhaps this indicates that insiders know that CPI will not be high. Alternatively, I prefer to think that perhaps so many players have been playing down the possibility of a high CPI reading that many investors have been lulled into thinking that the only direction for the XJO is up. So, I have some shorts in play.