Interesting Open

The House voted to extend the Bush tax cuts, notably for investors the Capital Gains rate will remain at 15%, rather then revert back to 20% which would have caused investors to take profits before year end and likely today to avoid a higher tax rate.

Yet it's not the news, but how the market reacts. We also had positive earnings from  ORCL and RIMM and US Housing Starts rose in November breaking a 3 month trend.

The market's reaction? It could be a bit of "buy the rumor, sell the news", but the reaction on the open, (keep in mind today is triple witching options expiration)-not good.

The only thing I see as a negative driver is the recent turn around in the Euro which was covered yesterday via FXE/UUP.

Here's what the 5 min chart looks like.

By the way, ALXA just triggered a long.