Delayed Reaction

Many folks will spend the next 12 to 24 hours dissecting the minutes from the Fed, so even though we have little net reaction in the markets now, I expect that to change over the next two days of trading. Even as I write this sentence, we are seeing a little bit of selling -- basically everywhere. Treasuries, equities and precious metals all dumped at the same time. I have mentioned before that I find that scenario bearish for equities. Treasuries and precious metals have already been sold hard. If all three start moving together, I'll take my chances in the beaten down assets rather than chase. Initially, I thought the wording was slightly bullish for precious metals and somewhat neutral for Treasuries, but the market certainly isn't reacting that way. Still, I try not to read into the first hour or two after the minutes are released.

I did manage to exit a third of my Apple (AAPL) lottery butterfly call play for Friday around $0.80. This is tough because the stock is bouncing between $419 and $423 with option prices still a little jumpy post-Fed minutes....103 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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