Cool CPI, Quiet Consolidation, and Quiet Cracks in the Mega-Caps ; Head Fake Coming?

Wednesday was yet another dull, below-average volume, consolidation day. The July Consumer Price Index matched consensus expectations, with headline CPI increasing 0.1% and core CPI rising 0.2%. The lack of an upside surprise helped temper concerns about additional Fed tightening. With the highly anticipated report offering little reason to alter the broader market outlook, attention…