Once again, the major stock indexes rallied higher after a quick decline in the first hour of the trading session. This same pattern seems to be repeating nearly every trading day since late December 2011. Many traders and investors are now looking for this pattern to occur on a daily basis before the noon hour.

Once again, the major stock indexes have found a low by the noon hour and then floated higher into the afternoon. Nearly everyday we see the same pattern repeat over and over. The trading volume remains extremely light which generally favors the upside in the stock market. Traders must remember the old market adage that states, never short a dull market.

Nearly every trading day the major stock indexes will decline before the noon hour. This decline in the major stock market indexes usually leads to a light volume rally that lasts into the close. For example, yesterday the major stock indexes dropped sharply lower at the open only to find a low after the first hour and trade basically unchanged by the closing bell.

This afternoon, leading aluminum producer Alcoa Corp (NYSE:AA) will report earnings after the closing bell. While Alcoa may not move the major stocks indexes much, it is an indication that the start of corporate earnings season is upon us. The trading volume over the past couple of weeks has been extremely light.