There are a lot of bad news going on. Housing sale, more lay offs, Madoff scandals, Gov print more moneys, consumer bankrupt rise..., but it seems that market just ignore the bad news and go up.
The volume also picked up, although still below 3 month average, but the continue grows in the last 4 trading session. Price up, volume up, should be bullish.
Also, Bond market dropped almost 10% from the all time high. I guess the money flow back to stock market.
Look at UYM, which is the basic material, strong up trend, also, XLE, the energy sector, didn't go down with oil prices.
These two sectors are strong, financial still in downtrend.
But, all sectors are in the upper channel line, STO continue to be overbought. A pull back should happen soon.
Pay close attention to Energy, Basic Material & Financial.
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