Bernanke reassured traders that he isn't going to remove the punch bowl from the party anytime soon and the markets resumed the rally. SPX closed at $1559, up $10 and RUT gained $9 to close at $952. Markets were up at the open today, having put Cyprus behind them, but hit new intraday highs after the FOMC minutes were released at 2 pm ET. But trading volume remains weak with 2.3 billion shares of the S&P 500 stocks trading today. Trading on the NYSE was down 10% and trading volume fell 6% on NASDAQ.

The FOMC reported a view of a strengthening economy, but did not feel confident about ending the quantitative easing until further evidence of recovery is confirmed. As expected, interest rates remain unchanged. That would appear to give the bulls a green light to continue this strong rally. Of course, that also fuels the predictions of many analysts that this rally has run too high and too quickly to not be subject to a correction soon. The Cyprus alarm appeared to possibly be the correction trigger, but the market quickly dismissed the news.

The Cyprus incident does show how close to the sell trigger traders are in this market. No one wants to give back the gains of the past few months. But when so many analysts are warning of a correction, will the market just keep climbing?