When a rising tide doesn't lift all boats it makes me wonder if there's a problem with the boat.

Equities are enjoying a bounce led by some of the beaten-down parts of the market of late namely the Dow industrials, transports, small caps, energy, banks, and materials. Tech is showing relative weakness, as bonds run into resistance.

This is the standard "re-rotation," musical chairs-type of move we have grown accustomed to, although one I am increasingly skeptical of in terms of sustainability. Still, on a smoky summer Friday it may not be the exact moment for bears to try for a major intraday reversal. Indeed, looking out to next week could easily be the bigger battleground, as we find out whether the recent bounce in bonds was nothing more than a bear market rally, guiding a new regime of higher rates for the foreseeable future.

For stock traders this is the type of market when you let others fight for "hard pennies" while you patiently wait for "easy dollars". Now it's time for patience, waiting, stalking and then when the time is right you pounce.

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.