Leadership remains an x-factor

So far not much to say on price action.

Since taking a modestly bullish stance on the broader market there has been little progress one way or another.

Leadership remains an x-factor. Without solid acceleration from key sectors, the Bull’s power remains questionable.

But on a bright note, volume patterns show three accumulation days in the past three weeks. Not much to hang your hat on, but you gotta wonder how nervous the shorts are right now.

Guaging rallies off lows is tricky business. We could easily get a retest of the recent low, which would also not necessarily mean its over for the Bear.

We just need to take it day by day and lay low until we find the base setups we trade for.

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