SPX closed near the middle of the range on an increase in volume. Not on SPY though. Check out that daily chart.
SPY had the lightest volume day since the half day after Thanksgiving. I don't think we can blame it on the blizzard. The volume today was 65 million and yesterday was 73 million. Last Jan. and Feb. we had over 100 million shares on the lightest volume days. This would seem to indicate a lack of interest in adjusting market exposure in either direction. So we have a light volume rally on weak breadth. That is the kind of market that can turn on a dime should something come along that causes some urgency to sell. In the absence of a sell catalyst it can just keep grinding higher.
Bob
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