Unexciting technology earnings report last night had technology in the red when news out of Europe about the sovereign debt issues caught the bears by surprise. And like yesterday, we had a further pop when the New York Times reported a debt ceiling deal was close. Even though the news was later denied on CNBC, it kept a bid under the market all day. There are a few hypotheses that a ‘sell the news’ reaction on a debt ceiling deal maybe setting up, but the market had being incredibly sticky on the upside once it starts moving and it will be hard to time such a popular trade.
