BKX

The banking index has moved higher today, back up through the level that was its support just a few days ago. This makes me cautiously bullish, but tech looks pretty weak right here. Dow is up over a hundred points as I write this, and you would think I would be buying, which I have done selectively. I still think the all clear bell won't sound though, until we get a strong close, so I wait and watch and want to see the mkt close strong today before getting back in. Keep in mind it is options expiration this Friday, so volatility is likely to pick up.

One stock I find interesting here and have mentioned in prior posts is BBW. SAC capital owns over 5% and the outstanding short interest is 44.48% percent of outstanding shares, taking over 14 days to cover. Today CS upgraded it to outperform. This has a bunch of shorts nervous. Think this one should be bought on any pullbacks.