BIG CAP BOOYAH

Another day of big small cap outperformance as the IWM is +.7%, DIA FLAT and SPY+.2%.

Sector leaders continue to be metals, oil service, semis, brokers and airlines. Laggards are drugs, trannies and consumers.

Market internals continue to be fairly strong at +1,100.

Volatility indexes are up a bit as one would suspect in light of the end of holiday trading and the beginning of "real trading."

New question is will the old support on the QQQQ (40) now turn into substantial overhead resistance? My guess is it will but that target is still more than 60 cents or 25 NDX points away.

Another question is are the refiners, which have been getting roasted lately, in buying territory with FTO near 30, and VLO near 55? My guess is yes again.