The 'bull trap' in the Semiconductor index is now negated.

Nothing goes up in a straight line, not even during the holidays, so a near-term market pullback would be a healthy way to prevent a steeper correction in January.

Today is no different to yesterday; shorts stick with the Russell 2000, longs with the Semiconductor Index.

Bulls are back in control. The S&P 500, Dow Jones Industrials, and NASDAQ 100 each have surged well above their respective round-number millennium resistance levels -- 2,000, 17,000, and 4,000.

There will probably be many more Technology names competing with ORCL this week to get in the cellar.

The technical picture for stocks has shifted from bearish into neutral, and our fundamentals-based sector rankings appear to have moved from bullish to neutral, as well.