Some positive data lit the ignition sending the market steaming higher from the open. It did lose some momentum into the close but unlike previous sessions it managed to hold the gains this time around. Another positive was the very high ‘up’ volume reading which was 90%. Usually extreme internals like this add weight to the move. The core leaders, the S&P and Dow, both continue to make higher lows, but the leaders such as the Transports and the smaller indices such as the Russell have all made a new lower low. This doesn’t confirm a new trend but its still a big red flag. Until that reverses I think we need to retain caution. The Transports are still a long way off confirming the Dow strength. This could be a suckers rally ahead of tonight big unemployment release.
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