We had some interesting action on Tuesday. The Dow and S&P tried to drop, but they eventually got dragged up by the NASDAQ. The action on the Naz feels like a short squeeze to me. I can’t imagine who else would be buying with such recklessness ahead of earnings season. Anyway, the S&P and Dow still haven’t surpassed their June highs, and they don’t seem like they want to. A key level to watch is 400 on the SOX. That area was resistance in June and December (actually 393 in Dec.). The SOX is now sitting at 399 after a 13% run over five days.