Yesterday was another very exciting session. Although doomed out of the gate, there was never a sense of panic, except for folks' long software (IGV) names. Industrials (XLI) continue to look attractive, and semiconductors keep powering higher.

I like the way Industrials are building a base right above the 50-day moving average.

The iShares Semiconductor ETF (SOXX) has rallied 17 straight sessions and might be the most overvalued (on a short-term basis) in its history. 

Manufacturing Renaissance

Yet another measure of the manufacturing economy came in better than expected. The S&P Global US Manufacturing PMI posted 54.0 against the consensus of 52.4. So, it looks like “all systems go.”

Retail Found Their Dancing Shoes

Taking its cue from KC and the Sunshine Band, retail investors are ready to get down. Bullish sentiment surged, as bearishness continues to retreat.

After the Close

Intel (INTC) crushed it big time after the close, sending shares up 19%.