A 9% drop in the VIX, RVX and VXN reflected today's bullish trend. VIX closed on the low of the day and is now tracking down to the low 15s. However, and despite those impressive numbers, the Strategy Matrix of the VXN at the close was dead neutral at 18/18.
Positive earnings appear to be urging the markets back up to previous highs, supported by mostly bullish guidance by the analysts.
GS is chattering around a bit at short term support while talk of lawsuits from California state pension funds (among others) with 330 million worth of GS stock loom on the horizon.
SMH and some of the semi components made a late day rally, which typically bodes well for the Qs so it's not surprising to see the Qs in slot number 3 after today's action.