Respect For This Bull

Not a bad rally following key healthcare reform.

While low-volume does little to take away from Friday’s heavy selling, or distribution, we can’t ignore the uptrend here.

While markets do in fact leave clear tops and bottoms, there’s often plenty of clues that giving warning.

Volume is key to discerning institutional flow, which in turn steers the markets.

Should we begin to see a trend of heavier volume on down days it will be a strong sign to avoid the long side of the market.

But we’re keeping our Buyer’s Caution bias out of respect for this bull.