Founders Note: CPI Prep

Whispers of a big downside miss

1. Expectations

2. Goldman, JPM trade grids

3. Some notes on MS view

4. GS, JPM, MS, DB pdf

The street is prepping for another big downside miss as the Morgan Stanley view is catching on (see below)

Bottom line:

1. The consensus is X

2. The aggressive positioning consensus is lower than X and therefore bullish stocks

3. What remains to be seen is if the number misses very low, how much buying is left to get stocks up

4. If the number misses high…. assume at least a knee jerk reaction lower from the aggressive and wrong hot money