The FOMC Minutes report is released at 11am PST today.

This could give insight into when the Federal Reserve is going to cut back on its monthly bond-buying program, which has been a major supporting factor in the economy and market growth throughout the pandemic. Though the Fed has been hesitant to end the program anytime soon, it has raised worries of how much debt the economy can handle before inflation gets too hot.

"Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.”

 The market is weaker than the S&P 500 and Nasdaq are suggesting which has been evident in the inconsistency we have seen from stocks trying to emerge from basis. Some are working , but more are not.

UNG - “The world is his who can see through its pretension. See it to be a lie, and you have already dealt it its mortal blow.”

 

In summary, we are willing to give the bullish case the benefit of the doubt as long as SPY continues to close above 410.00.