It was just a sniff, mind you, but it was of a foul odor. A whiff of inflation seen in the monthly Consumer Price Index data held back stocks this morning that I believe would have otherwise gained from the get-go. The SPDR S&P 500 (NYSE: [[SPY]]) has since resurfaced, as it was but a hint of bad news. However, it issues investors a warning of the possibility of a really poor scenario for stocks longer term.The market had a lot to chew on this morning, including one supportive bit of news out of the euro-zone.
Markit Economics' PMI Market Composite Index improved to a 46-month high, rising to 54.1, from 53.3 in January. It was supported by similar gains in its manufacturing and services PMI components. We had that news before the market open today, but for some reason stocks got off to a poor start...