It was yet another choppy and mixed day as Dow tacked on over 50 points while the NASDAQ lost 6 and the S&P closed only slightly green. Gold surged ahead to lead all sectors while our beloved semiconductors finished down over 1%. There was some good trading action throughout but overall the action was meaningless as participants await tomorrows FOMC meeting.

The highlight of the day came after the bell when Cisco (NASDAQ : CSCO) reported better than expected EPS and Revenue, which led to some late buying and bodes well for follow through into tomorrow.

We've been very active on the trading side but haven't done anything big in quite a while as we await tomorrows meeting. Once this is out of the way, we should have much more clarity going forward and we suspect our thesis of a tech rotation will become much more evident.

Rest up the next couple of days may prove to be quite exciting.

RevShark