Hawks Showing Some Post-Up Game

Despite a rather hawkish tone to the FOMC Minutes from the last meeting, REITs and utilities, typically rate-sensitive sectors, are green here and outperforming most sectors. Note that both IYR and XLU have lagged the market of late and, for all intents and purposes, were not fond of TLT selling off (and thus rates going higher). 

Still, this may be a short-term "buy the news" scenario. I am looking to see if IYR and XLU come in tomorrow strong, too, for a quick long setup. 

On the IYR ETF daily chart, below, for the REITs, note how last Thursday's bottoming candle (for a quick bounce, not necessarily the big, bad bottom, which no one can say with certainty) is still in play. 

Overall, bulls have more to work in the market, with biotech clearly a huge drag on the Nasdaq now. 

More after the bell in my recap.