We’re at the halfway point of the trading day and the market still has a good chance of holding/staging a breakout today.  Currently the S&P is sitting in breakout territory above the 1290 area and will need to hold above that level into the close.  The Dow has some work to do and needs another 50 points before I’d be calling a break out in the Dow.  Volume levels are once again a bit of a concern today, particularly in the S&P and the Dow.  Volume is actually quite good in the Nasdaq.  Here’s the breakdown:

Nasdaq: up 1.08% today with volume currently tracking 10% GREATER than 50 day average
Nasdaq ETF (QQQQ): up 1.35%, volume 6% GREATER than average
Dow: up .58%, volume 18% BELOW 50 day average
Dow ETF (DIA): up .70%, volume 31% BELOW the 50 day average
S&P ETF (SPY): up .67%, volume 25% BELOW the 50 day average
Russell Small Cap ETF (IWM): up 1.04%, volume currently tracking 25% BELOW 50 average

Leading stocks that make up the SelfInvestors Breakout Tracker database are fairing well in terms of price movement, but once again there is no volume behind the move which is even lighter than yesterday.

*Advancers are outpacing Decliners 282 to 85.
*Advancers are up 1.49% today but volume is tracking 15% BELOW the 50 day average at this point in the trading day
*Decliners are down 1.13%, but the good news is that volume is very light on the down moves as well.  Volume is currently tracking 19% BELOW the average at this point in the trading day.
* The total SI Leading Stocks Index is up .88% today with volume 16% below the average

Remember, it’s all about the close.  Let’s see if we can add to the gains with greater volume to finish the day.. my bet is that we end the day near flat.  I feel that the inflation data gains have about run their course, but we’ll see.