Wednesday's overall institutional activity was bullish, flow was dominated by earnings positioning and buying in the more speculative names, playing off the 2nd day of strength in small caps. 
We are currently in the heart of earnings season, so our only edge from the flow is as a source of momentum over the extreme short term. Keep a closer eye on the buying in post-earnings plays to see if they can supply some clues for rotation, once we get through the next couple of weeks, as is usually the case, buying on red days will tell us more than forced buying into green.
On the sentiment front
...