The Federal Reserve FOMC minutes had the hopeful bears up against the wall.

On the one hand, with an early drop in price on all the sectors plus the one index we warned about, it seemed like the bears were king-at least for half a day.

And legitimately so.

But then, with minimal fanfare, the Fed announced a status quo policy. With that, and some bruises, the bears retreated. The bulls tried to take over.

As the bears and the bulls duke it out, I had two new thoughts emerge.

First one: Terror at 25,000 in the Dow, which supplants the December 2016 musing of Terror in the Dow at 20,000. And the older version from October 2016, Terror in the Dow at 18,000.

Nearly 7,000 mind-numbing points later, I wonder which gremlin on the wing of this higher-flying plane will or can make the Dow scared to soar any further?

Second thought: The blow-off rally might have already occurred. Only, in a concentrated fashion – all in Nasdaq and the FANG stocks.

Now, that could be premature.

After all, Facebook (FB) had yet to report before the close. And Apple reports Thursday. That will have an impact as well.

The Federal Reserve is one part of the equation – they still wait for higher inflation, sustained, strong economic numbers before the December meeting. That’s the one the market banks on for higher rates.

Then there’s the weakening sectors, particularly Biotechnology and Transportation.

Even Regional Banks – our Prodigal Son (KRE) hit the skids today when the Fed said no change.

Gremlins can take many forms. The key is that when you see one, hide your eyes, wait a few minutes and then look again.