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The Day Ahead: Whip Out the Glow Sticks

Oh, come on, level with me -- anything goes Thursday. Physically, you are at work catering to The Man and casually checking the trading account, but in mind and spirit, Thursday happy hour is only a few hours away. So do me a solid and get in the mood by listening to this tune as you continue along below.

The market whipped out its neon glow sticks Wednesday as it partook in a strobe-light-ridden dance party, thanks to the mission-critical Federal Reserve minutes -- the only mission-critical to the bulls from June, who have been watching the rally unmoor itself. What the market was grooving to were a couple of particular aspects of those minutes.

Assurances: Mr. Market loves assurances every single second, and he is performing on a grand stage. After growing worried about having bought too much stock in six weeks' time, Mr. Market was told the Fed viewed further accommodation as "likely warranted." Forget that "likely" does not mean "definitely." The shear injection of hopium was enough to reinflate the iShares Silver Trust (SLV) and SPDR Gold Shares (GLD).

But, oddly, shares of Toll Brothers (TOL) couldn't muster enough strength to finish at the highs of the session. That's even despite the spender of low rates until 2015, comments on friendly quantitative easing waiting in the wings and a robust earnings report. As I have said, homebuilders are the way to dance in the rebound from the depths of the U.S. housing market due to their still-suppressed normalized price-to-earnings ratios and eye-popping contract and backlog increases.

Derivative plays in housing -- say in Stanley Black & Decker (SWK), which is really a global conglomerate -- do not tickle my fancy at present. But, golly gee, considering the market got what it badly yearned for, the action in key sectors was a real party-pooper. An example here is the financial space, which struggled despite a Fed mention of a pullback in interest rates on deposits -- which should, in turn, spur more profitable lending.

Time: Not only does Mr. Market enjoy constant assurances of his magical powers, but he hates surprises. This fella wants precision on exactly when an event will go down that stands to impact his psyche. The Fed noted that another heap of accommodation could happen "fairly soon" -- and, in this, the market was able to rest assured that a birthday gift is in the mail. Hmm, but where was that charge in equity prices into the close?

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