The market gave up some ground into the close, something we don't like to see, but correlates with weak holders not wanting to take home much inventory as the market climbs a wall of worry. Overall it was a very positive day for the bulls. The Nasdaq broke the recent down trend and reclaimed the 50 day moving average while the S&P and Dow each flirted with all time highs before retreating into the close. The Russell 2000 managed to hold its highs and continues to be the index showing the most promise. Leadership was in the right areas and breadth remained positive throughout.

Despite some portfolio tweaking, we didn't do much of anything today and let our positions do their thing.  Many individual stocks continue to look good and we are watching closely for prudent buying opportunities, which we will send your way.

The last remaining argument the bears will hold onto after today's gain is volume, which was light on the day and will lead many to be skeptical of the positive action. At this point we chalk this up to a market that is climbing a wall of worry in the face of a tremendous amount of negativity that abounds throughout. While volume is something to be aware of, we don't yet find anything in the technical picture to indicate we should change our bullish tone. For the time being well continue holding our positions and won't change our tune until the evidence is directly in front of us saying we should.

Have a good evening.

RevShark