To give you an idea we have "investors" that bought for months now capitulating while $QQQ and $SPY are over their lows.
Investors that unhedged or added because the valuations were "extremely attractive" just a week ago.

Now don't get me wrong, the CPI is bad.
What is worst or good depending on the side is that people are starting to micro manage and are reading a lot into single events.
The most detrimental thing an investor can do is to micromanage.

I do not mean cut or hedge, but I mean jumping in and out on a daily to weekly basis.
The market is made to take your liquidity.
We just saw 5+ mega investors and CEOs come out with ultra bearish statements and saw retail and tutes pile in short against the indexes.

To me the pain trade remains higher first and a roll into Q3 as we head into a potential recession.
It's my base case, I am wrong often, but it provides the best RR and the most contrarian view.