We’re an hour into the day and after some early volatility gyrations the trend is up in the air, but due for a fade. The $.23 1/3 daily ATR stop fired on our TLT SHORT position yesterday leaving us with a modest $.39 gain, but better than a losing trade. It’s always instructive to watch which issues are holding their own or bucking the trend in down swoons like this and SMH is still a good candidate for a potential LONG. SMH did get hit yesterday, but moderately relative to the rest of the market carnage. Big Volume BUZZ this morning is evident in the materials while interest in TLT is lukewarm, at best.