The market's had a big move off of last week's lows, so I wanted to chime in with an update.

At this point, I think the market could be in for a short-term pullback.

The light PPI was good to see, but given how much we've moved, that may have been priced in to some degree.

Otherwise, we'd probably be seeing the small caps doing better today.

CPI is tomorrow.

And while there's no way for sure, we could be setting up for a classic "sell the news" reaction to a lighter-than-expected reading.

So while it may be tempted to start chasing new longs here, I'd rather hang back and wait for better setups.

And those better setups could happen later this week.

Yes, I know it may be frustrating to wait, but we don't want to just throw money at the market.

In Power Plays, we generally average 1 new idea per week, but we were much more active than that in recent months.

So let's stay patient and wait for the fat pitches.

-Scott