Howdy all, apologies for the silence here of late.  Out of the blue I was struck with a nasty case of bursitus/cellulitus and am just now regaining my strength and getting better every day.  Having been in a hospital for the first time in nearly 20 years, it was a firm reminder that my health is not to be taken for granted.  I had been lucky and suppose I was due!  Anyway, I’ve been scrambling to get caught up and get my head back in the game.  It’s amazing how fast you can get behind in this business.  I do like the market here but am not 100% convinced quite yet.  The big volume just isn’t there yet and the Nasdaq has made what I would call a breakout move.  I’m just going to rundown the charts of the indices quickly, but will have a flurry of posts for you over the next week or so.  Stay tuned.

IN the  Nasdaq you can see the downward trend of lower highs over the past couple months.  We need to break that with significant volume .. then maybe i’ll get excited and say WOW!.

The dogs of the Dow continue to bark and lead this market higher.  I was looking at all the components of the Dow the other day and have to say without a doubt the most surprising component of the Dow was AT&T.  AT&T??  They’re still a company?  I thought they went bankrupt a couple years ago.. Kidding aside, Its up around 15% in the last month!  Yeah, I don’t follow too many of the Dow components.  Verizon is also joining the party.. another forgotten company.  Looks like some of that oil money is going to the old growth, dividend players.  Looking at the chart of the Dow, the price move is impressive. The volume behind that move isn’t.  Not bad, just not great.  Considering the amount of chop in this market over the last several years I want to see a convincing move.  A WOW! move.  Not quite there yet, but may be close.  Look for a new line of support above 11,000 as further confirmation that the move in the Dow is real.

The S&P is approaching another multi year high, it just doesn’t have a whole lot of steam behind it.