Volume Picks Up Again

Volume levels rose again today, which is what you want to see on days when the market rallies. Today marked the 3rd consecutive accumulation day for the Nasdaq, the first such streak I can find this year.

Oil closed lower again today, and looks to have put in a major top. Bond yields also closed lower again, confirming the belief that inflation has peaked.

As these two views become more widely accepted, the market should continue to rally. And the buildup of pessimism, high short interest, and abundance of put option bets could add fuel to the fire.

Breadth was again solid, and the Hi/Lo index turned positive on the Nasdaq for the first time since early July. Outperformance in the COMP is often a bullish sign. I think now is the time to start hunting for breakouts and new leadership groups.
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