Early Update – Early Short Covering Fades, Fluid, But Not Volatile Action

12:41 a.m. ET This morning has been fluid, although not a very volatile morning. Cyclicals, Value and Small Caps started out the day in the leadership role. That’s faded quite noticeably since the open as can be seen in the intraday price chart of the Equal Weight S&P-500. (1m) from up a half a percent…