I have been extremely busy today with errands, surfing, moving furniture, and now this concert I have to run to. So I am going to just go over every data point that I noticed today and tell you what I think about it. Overall, I like this rally A LOT but I have a MAJOR problem with it, FOR NOW. The volume is simply not there. With it below average for the 18th day in-a-row, it is clear that the big boys (they make up 70% to 75% of the markets total volume) are not investing/trading stocks here. This is all short-covering and retail action. So just remember this: the big boys are NOT moving stocks here. We are.

There were 185 new highs to 114 new lows which is the first clear victory I have seen since the downtrend started. That is very good. However, the top eight groups today were chemical-fertilizer, steel-producer, agricultural operations, building-residential, oil&gas-US expl/prod, building-heavy construction, food-dairy, and steel-specialty alloy. These are all OLD leaders from the previous big rally and just proves that this is just another leg and part of the long-term commodity rally.