Midday Sentiment Check

The markets are hanging in pretty well, following yesterday's nice rally and a strong open this morning.

Investment sentiment indicators are running at about average levels:

• The ARMS Index is a little above-average at 1.01
• The CBOE put/call is around average at 0.81
• The ISEE Index is a little below average at 141

In terms of ETF activity, the materials sector is outperforming (+1.1%), followed by energy (+0.8%). On the downside is technology (-0.6%), which is being weighed on by MSFT and GOOG.

long GOOG, MSFT