We could see some chase-like price action at times intraday when the indices extend

Overall flow started Thursday's session off strong with a solid pace off the opening bell. Gold, metals, miners and selective tech names were a part of the early session buying, $Advanced Micro Devices (AMD.US)$ has bombed once again last morning as bulls have been extremely aggressive in the name off of earnings. The action did die down into the afternoon, a big reason for that was likely the HOOD IPO. The $Dow Jones Industrial Average (.DJI.US)$ and Russell 2000 outperformed once again Thursday and that should continue while some tech goes into breather mode.

Intraday sentiment heated up a bit off the morning rally. Put/Call ratios were smashed early morning, as often players let go of their hedges following FOMC meetings. Short-term sentiment finished higher on the session. NOVA/URSA positioning, which has a reputation of arriving at parties late, rose Thursday as they chased $S&P 500 Index (.SPX.US)$ higher, suggests some selling over the short term.

Some big-time earnings releases this week )

Most of the names that had run hard the past couple of weeks cooled off their earnings releases. That should set up some continuation of money rotating into other things or we get another one of these quick pullbacks, at the least.

Metals and mining have been acting well of late, with some of the better-looking sweeps showing up in groups like steel( $Steel Dynamics (STLD.US)$ , $Nucor (NUE.US)$ ).

Energy still has a decent setup on the sentiment front as well and could see some interest. A few key names in the group like $Exxon Mobil (XOM.US)$ will be reporting numbers soon this morning, so keep an eye on any buying into earnings weakness in these names.

$Diamondback Energy (FANG.US)$ , a sweeper favorite in the energy patch also reporting numbers and could see repeat institutional activity. Energy ETFs could be the better way for a trade to help diminish some of that earnings risk.