steve sosnick, my thanks to you.you, mike santoli. >> the breadth has really swung to the positive side people are going to be talking about there being an upside breadth thrust probably after the last three days as i mentioned. another day where we're 80% or so of the volume is to the upside that's the third day this week that collectively starts to win back the benefit of the doubt to the bulls in the very short term, if nothing else. take a look at some of the cyclical bellwethers over the course of this month semi conductors, home builders still deeply lagging the s&p 500 on a year-to-date basis, but you see they're pretty much in sync this year. the cyclical trade got some traction and that's something i think is also a net benefit. the volatility index, we talked about you never got some kind of real headlong rush for the exits as evidenced in the vix. well, we didn't get up to 40 this time, but boy, we've been up above 25 for quite some time. there's been kind of a slow motion kind of capitulation arguably ove

jonathan: joining us is steve sosnick. how important is this number to you at 8:30 and what are you looking for? steve: good morning. i'm not going to deviate too much from the economist estimates. i am not an economist so i will not play one on tv. i think it is right to think we are seeing a peak in inflation. remember inflation is a rise in prices. it does not mean we are seeing peak prices even if we see inflation abate and i think that gets lost sometimes. we focus on the headline number but do not necessarily realize it is a rate of change, not the price level. lisa: what is your expectation for how the market is positioned in terms of where the parameters of risk are? how much is the setting up for a rally or a selloff on a number that comes in line? steve: we have seen our customers being net buyers of their favorite stocks throughout this thing. there is a certain amount of good news baked into the cake. the question becomes how much is a disappointment at this stage? if we are expecting eight and it comes in at 8.