Markets enjoyed a solid day Tuesday, as it responded well to some economic reports this morning. One missing component was volume, which has been lacking as of late in general. Perhaps the emergence of ETFs over the years is partially responsible for this continuing trend. The Nasdaq recorded an inside day today, which generally is good for the ongoing trend, which has obviously been higher. Some more breakouts occurred Tuesday, and as we know that’s important to the health of the ongoing rally. Today LVS took out a 56.04 flat base trigger, and ALKS edged past a 23.32 cup with handle pivot. Others that did not meet the volume threshold, but could confirm in the next couple of sessions are OCR from its 40.10 flat base, and one I like a lot PKG which tipped in front of its 43.96 3 week tight trigger today. Most impressive is this one actions yesterday shrugging off a DB downgrade. V added nicely to Mondays 162.87 flat base trigger breakout, just the type of action you want to see following a breakout. All throughout the media I continue to hear incessantly, calls for a correction. Heck, even my cat last night coughed up a hairball that had correction overdue written all over it. Perhaps this market is just going to leave most behind and head for the races. Taking a look at the chart of CHDN, (yes I am looking forward to the first Saturday in May) this market has broken out of the gates strongly this year, pun intended. How much more stamina will its legs hold?
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