July 1, 2011

Short-term: 3 green, 1 yellow
Intermediate-term: 3 green, 1 yellow
Composite: Neutral but improving

This market is showing some divergences. Most stocks have bounced back smartly – but charts that look like this rally will fail. Other stocks have pretty solid charts and can rally from here. And the volume in this rally has been pathetic – but nothing is unusual about that. Volume has been anemic for well over a year.

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