What has been a bad month for stocks we were able to go out on a high note. NASDAQ volume barely eclipsed yesterday’s volume while NYSE volume was up 6% day-over-day. Now the question will be whether or not this was a dead-cat bounce. We are quite oversold from a daily and weekly perspective and it would not surprise us if this runs a few days. Given today’s rally we have to be prepared if this does turn into something more than just a dead-cat bounce. Today’s move was NASDAQ”s day 1 while the S&P 500 is in Day 2 of a rally attempt. It would be nice for this market to consolidate its gains by trading within a tight range and then see a follow-through. This market needs to prove its worth.

This market is still a mess with many stocks looking down right awful. We have discussed in our chat room how long this market may suffer without proper leadership. If we are to move higher we need to see more potential longs setup and break out. Let’s see where this market takes us.

More to come. Last day of travel and perhaps we will have much more to talk about.