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As you can see on the 15-minute chart of the SPY (actively traded ETF for the S&P 500), the bulls are making some solid progress as this session develops. After a morning gap lower, the broad market is pushing back into the green. However, the overall picture is still a bit murky, and the bulls are going to have to show even more strength to really seize full control again, despite their impressive resilience. As I have been discussing for a while now, I am honing in on individual plays that are working, rather than trading tick by tick with the broad market.
A couple of positive earnings reactions from IPSU and SYMC are pushing them higher. The chips are also seeing some nice inflows, including BRCM and CREE. As the afternoon moves on, I will be back with more analysis.
