Markets began the week Monday with some impressive gains, but volume lacked vigor. The Nasdaq outperformed the S&P 500 slightly with both moving higher by almost 1%. Benchmarks have been tackling big round numbers where digestion and pause normally take place. The Nasdaq did take out 3300 today, and the S&P 500 remains just below 1600. The lack of breakouts continues to be concerning, but the tape remains energized. Today CNK did take out a 29.86 flat base trigger on firm trade, but the base was a little sloppy, lacking accumulation. The correction calls have quieted down somewhat, and perhaps the correction will ensue when the bulls start to incessantly make their case for a 1700 S&P 500. It is beginning to surface. On the other hand bullish advisers which were earlier this month in the 50s have been creeping lower and are currently registering in the lower 40s.
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