Here's an important development for short-term traders to take note of. The up-gaps that had been left at the open on Monday, May 10th, have been filled as of this morning (see accompanying chart of SPY, DIA, and QQQQ).

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The markets opened with big gains today, following a big news event over the weekend. The chart of the Nasdaq-100 shows a pretty big gap. It's somewhat rare for gaps of this size to be left unfilled for more than a few days (or at the most, weeks). Will this time be an exception? Or are traders who're looking to fade this gap going to win out in the end?

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You know, I rarely watch CNBC. I mean, let's be honest, probably the only thing that group is good for is, perhaps for being the preeminent contrary indicator, if you will, when it comes to calling significant turns in the markets.

But for some reason, I decided to turn on the channel a few times today, for several minutes on each occasion, just to get a feel of what the sentiment was like in the, oh let's call it the "fundamentals" crowd... Almost on every occasion, I heard what can only be described as full on cheerleading for a bounce. Several times in the last hour or two, they repeated a seemingly nonsensical claim that went along the lines of "oh, look, the Dow has bounced 20/30/40 points, off its intraday lows (when the index was down 125 points, on top of yesterday's 225-pt drop) and, since every correction over the past several months has ended fairly quickly, this one must be over - given that the indices have been able to hold the day's lows - now."

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