Volatility is beginning to wane and certain leading sectors are turning up. Just look at the positive signals beaming from the PowerShares (QQQ), an ETF that tracks the Nasdaq 100 Index.

Are US equities priming for another rally or is this the calm before the storm? It’s probably too early to tell. But if the Russell 2000 can break out of its yearlong consolidation, a big market move could soon follow. Stay tuned.