The market seems to have staved off all doubt, and overcome the biggest scare of 2021, after Jay Powell provided a blueprint that says the party will go on for a long time. So don't fret the small stuff, like removing that $120 billion in monthly asset purchases. 

Okay, if you say so Mr. Fed President. 

I think the market is also sniffing out that President Biden is having a Dickens of a time getting that giant spending bill across the finish line.  Maybe it will never cross. That would be something to cheer, as the tax hikes that are being discussed are debilitating. 

The S&P 500 back above its 50-day moving average and seems to be on track to at least form a double top at 4540. 

Energy is the big winner and Real Estate the only loser.  It's interesting to see equities up this much with that big spike in bond yields.  Maybe the emotional maturation that helps us avoid tantrums over Fed tapering is the same on the idea of higher yields to reflect a stronger economy.