The bulls again showed they were in control of the markets meeting their goal of rejecting the gap down open, rallying to a higher high from the recent lows and closing above 1140.  The bears might sense some false victory victory in turning back the advance above 1145 but they met none of their objectives as we made both higher highs and higher lows yesterday.  Some weakness has crept into the breadth charts so progress may be slowing here.

 
The markets can be compared to a car engine.  Like the car engine that requires multiple cylinders to fire in sequence to generate the torque to move, the stock market needs multiple segments to fire at different times in order to propel to new highs.  During this rally the RUT and small caps have fired and now it is time for the heavies like the financials to fire.  We are starting to see that with the banks moving yesterday and the relative strength of the NYSE.  That relationship should continue …

 
I ran into problems generating charts this AM, sorry for the lateness..
 
Last Friday’s price action and the action for the week was very bullish and sets us up  for another leg in this market.  The 4% price action on the value line put the 4% Zweig/David system back into the market on the long side and this trading system has a very good track record.  Around the world the markets are joining into this rally.
 
 
Asia
 
 
Europe
 
 
United States
 

Economic news
 
None
 

Earnings

 
Breadth Charts

40 DMA % Index
This chart remains incredibly bullish.  The …

Good morning. The big news today of course will be the release of the Jobs number.  The stage has been set for  a bad number which we are told to throw away because of distortions from the horrendous winter weather in the mid-Atlantic states.  So the market has ignored it and rallied into the close yesterday and through the night with the S&P futures up 5 points as I write. We of course in the fullness of time shall see. In the mean time around the world:

This rally as certainly hit a pause here. Is it a sign of weakness or a pause for another push up?  There is a lot of sentiment and breadth behind the current market.  We need to watch for those to wane before we throw in the towel.  Bears might be encouraged to jump in only to get run over by a re-emergence of the strength of the bulls here.  I would like to see a little more weakness before I went heavy on the bear’s side.

 
Another good day yesterday with breadth even if the numbers do not show it.  We made a pile of new highs and all our indicators strengthened.  Did we top out?  I don’t think so.

Yesterday’s market action was very bullish and has us just shy of market highs.  The stampede has caught on around the rest of the world:

The Olympics are over and March begins.  Today we will see a little bit better what that last 15 minute selloff with a futures rally after the stock market closed meant.  Maybe a little bear trap?  We are setting up with a gap open this morning.

Here is a short video on the what I see as the Market direction for March.

I am releasing today a copy of an indicator call !RL_Name.  This indicator I created for labeling the lines in a percent change chart, allowing me to quickly indentifying all the lines. [Click on the Title for more]