Wednesday, February 17, 2010

Tuesday's Extremely Strong Breadth & Weak Volume

Tuesday was a 90% Up Volume day on the NYSE. At the same time volume declined from Friday’s levels and was below normal. It’s rare to see volume decline on a day when breadth is so overwhelmingly positive – especially when the market is in a long-term uptrend. Going back to 1970 I was only able to identify 6 other instances.

I’ve found many times that extreme breadth will often trump volume. Instances here are too few to draw any solid conclusions, but there is certainly no suggestion that the weak volume spells doom for the rally.

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