After selling off over the last few days the market turned and rallied today with the major averages rising between .96% and 1.39% on the session. The major averages are holding their breakout points from their recent cup and handle breakouts and are staying above important moving averages. The problem with today's action was volume. It was lower across the board and well below the volume on recent down days. You would like to see higher volume on a rebound day after the sell off of the last week. Leading stocks outperformed the major averages with the leaders index rising 2.28%, also on very low volume the was well below the volume recorded on recent down day's. The index tagged it's 50dma yesterday before closing well above it and today closed right at it's 17dma. It would be a positive sign if it were able to get above this moving average with conviction. Jerry
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