As you can tell from my commentary over the last week or so I am cautious to bearish on the market. The crossing over of the moving averages on the major stocks and etfs and the break of the SPY trend line is the cause for this. Today’s market action has not done much to change my view. The volume was well below average today so I would really like to see some volume to go along with the rally to be a believer. A close above 107.50 or even better 108 on some decent volume would go a long way towards changing the psychology of the market.

Dr Brett Steenbarger has a truly outstanding blog,I read it religiously. Last evening he put up a post regarding some under performance by key sectors in the market. It dove tails nicely with what I have been thinking and highly recommend you check it out.