The market has traded in a very narrow range as all the action is in the bond market.  The move out of bonds should help equities, but Wall Street is surveying the implications for inflation. With that in mind, would a spike in inflation alter the plans of for the Federal Reserve? 

The Fed is not going to hike rates, but they could have trouble priming the pump for even more accommodation. This could be a moot point if President Biden comes through with all the cash being whispered about in the corridors of Washington and canyons of Wall Street. 

Meanwhile, I have to admit, I underestimated the move in crude oil, which continues to gush higher.  The overall theme of fresh names continues, however, as old, and new safe haven sectors are all lower:

New Havens

• Communication Services
• Technology 

Traditional Havens 

• Consumer Staples
• Real Estate
• Utilities

There is a ton of action beneath the surface, so we are busy.