Once again, I was away from my desk for almost the entire session so this post will be a little short. Today looks like it was a slow day based on volume, as stocks had slight gains but on volume lower than yesterday. You can't expect the market to rise 2% everyday, so a day like today is just fine. The bulls showed strength by not giving any of yesterday's breakout back, and they remain completely in control. The only thing I would watch here is that just like with individual stocks, you don't want to see the indices making new highs on low volume, especially volume below average. Keep an eye on this, particularly on the S&P, where volume was below average yesterday on the breakout - not good.
My watchlist from last night didn't do a whole lot today - OCLS was a risky stock I highlighted and that was up 22% today, so hopefully a few of you out there kept it on your radar. TAM put in a nice move today, as did some of the shippers like TBSI and FREE. Others just rested quietly (BRCD, SMRT, and WX). I still want to see more quality stocks and charts come into my watchlists over the next week or so in order for me to have total confidence that we are starting a big move higher in the overall market. We could be, but I am having trouble getting over my doubt.
I don't know if I will be back later with any charts - game 3 is tonight for my Pens - but if I find anything interesting in my scans, I'll see what I can do. Take care and good luck Wednesday.