Early Update – Mega-Cap Bounce, But Fading Already

11:19 a.m. ET Mega-caps and Tech have added gains to the SPX and NDX, but not the price-weighted Dow. Cyclicals  (and defensive) are out of favor today and weighing down Small Caps, not to mention some more short-selling activity in my Most Shorted Index. Small Caps aren’t looking great this morning coming off last week’s…