We're much too oversold for shorting based on the NYMO yet the VIX, while rising, has a long way to go to reach fear levels. The Alcoa report was nothing if not humorous. They've been talking this quarter's report down for so long analysts were sucked-in. Now they beat much reduced forecasts causing a short squeeze in afterhours trading. The Fed's Beige Book is due at 2 PM and that may be the catalyst to rally. Fed governors are still in full campaign mode including Wednesday's Lockhart, George, Rosengren, Bullard and Yellen. They want their policies to be rewarded by higher stock prices since egos are at stake. Let's see what happens. Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts: Lazy & Hedged Lazy Portfolios maintain the follow positions: VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, & EWU. The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com .