At least for the time being, investor appetite for risk seems to be stronger than the desire for safety, driving up U.S. equity markets ahead of the opening. This morning’s possible rally was tipped off yesterday when all three major futures indices posted daily closing price reversal bottoms.

U.S. equity markets closed lower but held onto the low posted earlier in the day after the Federal Reserve said the economy was “proceeding” rather than strengthening like it had said in its last report in April. This change in language helped pressure the stock market but failed to trigger an all out selling frenzy.