Different Types of Hawks

Despite the Fed Minutes looking soundly hawkish across the board, it is worth noting into the home stretch of today's session that Treasuries are still staying bid. 

On the TLT ETF daily chart, below, as a rough proxy, note price still contending with the $121.50 area to potentially unlock a secondary relief rally from the overall corrective downtrend Treasuries have been in since late-2017. 

Indeed, this may very well be a situation where bonds bears are correct on the merits of their thesis but may have to wait until later this year to really pounce on the short side. 

As far as equities are concerned, the green small caps are a nice talking points for bulls today but apparently not enough to break the S&P and Nasdaq ranges higher. I still like the action in several tech and retail names but am not going to press new longs, just yet.