I was impressed by today’s stock market session, especially when it came to leading stocks, tech stocks, and even more specifically semiconductor stocks. It was amazing to get a rally in such high-tech group of stocks. What made today’s rally even better was that volume increased on the Nasdaq and was above the 50 day volume average for the fifth time in the past few weeks. This was the fourth time it was a big up day with volume above average. And even though the NYSE has only had twenty-nine straight days without volume being above average, it is at least in an uptrend and that with low volume is OK with more, for now.

A lot of people are worried about the market being right at resistance and being oversold since our lows. You know what, that is fair, I will agree with that. We do need to be aware that we are running into resistance, we are overbought, and the volume has been close to pathetic during the rally so it is possible we could run into some heavy volume selling.