Not quite the Follow Through Day we want


Nice rally, but not quite the Follow Through Day we want.

The S&P 500’s 4% rally is just the price advance we want. But with volume coming in shy of yesterday’s it’s not the sign of increased institutional buying we’ve been seeking.

But we still have another week-and-a-half of watching for it to happen.

We’re also looking for Leadership from specific sectors.

We like that the financial stocks are a key part of the drive. But they’re also long overdue for a reflex rally, and it’s often the most beaten that comes back sharply.

But the bottom line is we’re not changing our Bearish Bias until we get our FTD.