No doubt there’s a good deal of short covering going on as the major indexes give a stellar rally Thursday. I suppose this is why we’ve held back from an outright bearish bias, though we still remain cautious bulls.

The fundamental reasons to buy right now are not that strong. Let’s look at what kind of follow through from top Growth Stocks and other market leaders give these next few sessions. The Semiconductors ($SOX) broke out convincingly today, they too will also be a good measure of the environment going forward.