NASDAQ is soaring as technology keeps rocketing higher and biotechnology keeps perking up, but the biggest news could be yet another massive drawdown in crude (gasoline and distillates draws as well).  US stockpiles of crude are now down in 13 of the past 15 weeks but are still above year-ago levels.  Production is still above year-ago levels as well, so this speaks to demand and the underlying strength of the economy.

Today’s session is also a reminder that missing on earnings or offering punk guidance will result in massive selling.  In the grand scheme of things, these are almost always overreactions; although, the selling in IBM could be even greater to send a message to executives and the board they are on the wrong path, and the clock is ticking. 

Meanwhile, the other great economic data release was housing starts and permits, which beat consensus.  I’ve updated our special homebuilder industry report: Special Homebuilder Industry Report