Less than an hour into the regular session, it's already (IMO) been an extraordinary 12 hours. DJIA futures traded as low as -170 points overnight. The DJIA opened well off those lows, quickly climbed into the green, only to reverse and plunge -100 points.
(a) OIH/XLE are diverging from the broader indexes, both well in positive territory (no doubt helped by a +2% rally in crude).
(b) Miners also in the green, despite a flat dollar.
(c) EEM (Emerging Markets) off -2% as Brazil's Ibovespa declines -2% (EWZ off -4%).
My take? Shorts will drive the market to a close near the day's highs. Note the question mark in the title, however.