Today's little rally is being attributed to month-end portfolio rebalancing. For sure, the minutes to the FOMC meeting did little to incite any buy interest. However, we did regain 14 points from yesterday's big fall and semis paced the way along with biotechs which tells us that some institutional players view these two sectors as attractive at these oversold levels. Today's NDX winners were ATYT, MEDI and PTEN and the losers were AAPL, MSFT, and MNST. AAPL did hold support of its long-term trendline on a closing basis today and bears watching tomorrow for a potential snap back.
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