The Dow is the Head Coach

Another day where the Dow strength seems to be masking a bit of sluggish action underneath the hood of the car. 

Clearly, bears need more violent downside moves. However, with an ugly GS post-earnings reversal, NFLX fading a bit, and small caps dipping, backing away from too much aggression on the long side makes sense, too, in front of IBM and other big earnings coming up.