At Fourteen Hundred Ninety-Two, the S&P Had Already Forgotten About QE2

On this Columbus Day federal holiday, the stock market is of course open but has a drifting, quiet feel to the tape. I suspect we could see this action for the duration of the cash session. 

Below the surface, leaders like AMZN CMG FB GOOGL UA are still holding up very well, headed into their respective earnings reports in the coming weeks.

However, the small caps and small/mid-cap biotechs continue to underwhelm. And materials/commodities are giving back a chunk of last week's gains, including names like X and crude oil. 

Further, while volatility is collapsing, the Japanese Yen is still hanging in well. We have mixed signals out there, still, to be sure. But the rally off the late-September lows is still grinding higher at the moment. 

I will flesh out some new ideas and setups for Members in my usual Midday Video.