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The market is roughly flat at the open, although a handful of tech stocks are continuing to bounce.

I am noticing a slight change in character by the market. Oil and bond yields are both lower again this morning, signaling a further decline in inflation worries. For the past several months, when the energy complex traded lower, it took the whole market down with it.

But this week, we have seen the energy stocks sell off while tech and the rest of the market rocketed higher. And growth stocks in particular have performed very well. Many stocks have made big moves higher from their July lows.

Check out the action in stocks like: RIMM, SIRF, WFMI, CWTR, SNDK - just to name a handful.

I think that this is an important shift, and one that should lead to better performance into year-end. I have been saying that the Fed on the sidelines removes a considerable overhang from the market, and that at some point the buildup in negative sentiment would propel the market higher.

While there will certainly be further corrections in the near future, I think we have seen the lows for the year.

long SIRF, WFMI

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