NOON THOUGHTS

So far, traders have decided to trade with the trend and buy the morning pullbacks; as many probably noted, the market internals never flipped to red and are now bullish with 1,500 more winners than losers.

Semis have also flipped to green as they are now leading tech higher. Other sector leaders include metals, airlines, brokers and retailers. Laggards include drugs and biotechs. Any chance that CNBC notices that small caps are leading as the markets are higher. Funny how when the markets go up IWM leads and when the markets go lower IWM leads.

Looks like some short term thinking may have also switched at the DJIA as CAT GM BA AA and HD lead and recent leaders MO PG PFE JNJ and MCD lag. Not sure if that is the soft landing theory or the reversion to the mean trade.