Posted 9:30 AM ET - The Market remains volatile with big overnight gaps in both directions. This is likely to continue for another day or two and then the action will come to a grinding halt. All eyes will be on the FOMC statement next Wednesday. The CPI was released Thursday 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 and the Fed could hike 50 basis points next week. The market is starting to get used …