To gain an edge, this is what you need to know today. Inflation GaugePlease click here for an enlarged version of the chart of SPDR S&P 500 ETF Trust (ARCA:SPY) which represents the benchmark stock market index S&P 500 (SPX). Note the following: The chart shows that the stock market has failed to make progress since the release of hotter CPI.The chart shows that the stock market was pulling back before the release of PCE, but improved on release of PCE.The stock market has been anxiously awaiting PCE. PCE is the Fed’s favorite inflation gauge. PCE rose the most in a year. Here are the details:…