I am not for sure about that answer but I have to admit the charts overall still look like they are trying to make a bottom. But like I have continuously warned about: if volume does not come back into this market on the upside, we are in danger of reversing some decent base building and that will probably discourage a lot of market participants which could open the door to more selling.

It was another overall lower volume session as the NYSE, for the 32nd day in-a-row, came in with volume below the 50 day volume average once again. However, underneath the bullish mini-reversal that sent the Nasdaq from a .8% loss to a .8% gain, there was a TON of bullish action in stocks in a wide range of industries.

A weak open after a very poor employment report that showed the US lost 80,000 jobs in March with the unemployment rate moving up to 5.1%. It was a pretty lousy number but considering the fact that we had 25% unemployment after the crash of 1929 it isn’t “that” horrible. But the media, with a Republican still in White House, of course, made it sound like all hell was breaking was loose.