Strangely Bullish Bearish-Day

The Dow dropped 114 points today after the Fed's hawkish announcement of a pending rate hike after 2pm.

We all know it is going to happen but every time the Fed talks about it, investors punish the market for it. However, we also know one thing for sure, rate hikes during a period of "Confirmed" growth and market strength is actually a good thing and keep the economy and the market growing. In fact, today's "Bearish Day" isn't as bearish as it could be when we take a look behind the curtains.

Bond yields rose across the board as investors returned to equities late in the afternoon, taking the market off its intraday low, the VXO actually dropped instead of rise and total equities put call ratio continued to remain below 0.9 in favor of call options trading. All of these tells me that today's "bearish day" isn't truly bearish but rather a one day kind of thing and looks more like a bullish continuation pattern when taking the overall market's rebound from 30MA within the framework of an intermediate bull trend into consideration. In fact, that didn't stop my Master's Stock Options Picks Subscribers from taking a 20% profit on PSX call options today.