The Semiconductor Index pretty much gave the Bear the middle finger with it’s whip-snap rally yesterday. Now the Naz is poised to follow suit with a base breakout. It’s mild distribution followed by mild accumulation.

Just a couple days ago it seemed we we’re set for collapse. Melt up scenario still in the realm here. Watch carefully. It should go without saying that the Bull could get slammed in new high territory.

Apparently this has been the tightest Dow range ever. No wonder our analysis has remained Neutral as nothing  points convincingly one way. This range will break, and likely hard. Plug in those option straddle strategies. VIX prone to pop.