ES Market Update

ES and all of the averages have put in a 1 min intraday positive divergence, the dollar hasn't moved much so I don't think it has much to do with that, if anything I think it has more to do with what I said this morning about trying to keep the market as close to neutral as possible until the 2 p.m. F_E_D minutes are released.

A note on the F_E_D minutes, this is more of an F_O_M_C effect, but really anything F_E_D related, watch out for the "knee-jerk" effect, it always comes with F_E_D releases and almost always is reversed. I don't think the minutes would create the same kind of effect as a policy statement, but just something to keep in mind as we have seen it so many times in the past.