IVX Volatility Monitor according to IVolatility:

• CBOE DJ Industrial Average Index (DJX) -5.2% to 22.1
• NASDAQ (NDX) -5.5% to 25.4
• Russell 2000 Index (RUT) -6.4% to 24.7
• SPDR Trust Unit (SPY) -5% to 24.8
• CBOE Russell 1000 Index (RUI) -6.5% to 25.3
• S&P 100 Index (OEX) -6.2% to 24.9

SPDR Homebuilder (XHB) closed at $17.42. XHB June put option implied volatility is at 39, September and December is at 42; above its 26-week average of 35 according to Track Data, suggesting larger price movement.

Update is by Stock Specialist Paul Foster of theflyonthewall.com

During the first two months of the year, small and mid-cap shares were the stars of the show, relative performance-wise.

But with each successive swoon in the broad market -- beginning in late-February, late-July, and mid-October, respectively -- the shares of the biggest companies seemed to gain ground at the expense of their lighter-weight counterparts.

By the end of the year, the smallest capitalized shares had borne the brunt of the selling pressure.

"The FOMC inspired rally has continued and a new trading range may be setting up," says Larry McMillan in his Daily Strategist, an options trading service.

The technician explains, "With continued strength, the breakout of the trading range is starting to have a more valid feel to it – and a new trading range bordered by 1480/1490 on the downside to 1550 on the upside may now be setting up."

Market breadth, he notes, is overbought and he considers this bullish – especially given the fact that we have just seen a 90% up volume day. He suggests, "As we have often seen – a market that is overbought and that adds to the overbought condition (on price improvement) – has positive price momentum in its favor."

He also points out that the $VIX has continued to trend lower, which he considers positive. Further, he adds, the Equity-Only put-call ratios remain bullish as well. Therefore, he states, "Our technical indicators are overwhelmingly bullish; and sector performance is extremely positive based on the Financial and Energy sectors."