Yes, it has been a pretty mixed week so far with poorer than expected Empire state index and better than expected sales data and today's FOMC minutes is just an excuse for investors to take some short term profit off an impressive recovery run. The market has proven extremely resilient once again coming out of the recent intermediate correction and shrugging off a much poorer than expected Empire State Index.
Indeed, even though the market is decidedly down today, there is a secret bullish undercurrent. Bond yields actually rose across the board, suggesting that investors are actually buying into the weakness and total equities put call ratio also stayed below par in a more bullish vote. Indeed, this looks more like a breather pullback within a bullish framework and definitely setups for buying into weakness. However, that didn't stop me and my Master's Stock Options Picks subscribers from taking almost 100% profit on QQQ today before waiting for a better re-entry point.
For now, the market remained in all out bull trend.