Posted 9:30 AM ET - The rally Yesterday felt nice, but it was just an oversold Bounce. The market is still trading below all of the major moving averages and it has stayed below them for almost a month. A downward sloping trading channel on the SPY suggests a choppy move lower and any bounce should be viewed as a shorting opportunity. The CPI was released this morning and as expected it was “hot”. Inflation hit 7.9% annual basis (.8% in February vs .7% expected) and that is the highest reading since 1982. This will put upward pressure on interest rates …