By David Moenning: Good Morning. One of the bear camp's big gripes about the current rally - other than the idea that it came out of nowhere and caught the nattering nabobs of negativism flat footed, of course - is that fact that volume has been lacking. As any chartist worth their salt will affirm, a market doesn't need volume to fall but a strong, sustainable rally should be accompanied by increasing volume. In short, rising prices being accompanied by rising volume represents strong demand. As such, our furry friends contend that the current joyride to the upside isn't long for the world.
While I vehemently disagree with my bearish buddies on the subject of what the market can or can't and/or should or shouldn't do, I will agree that volume hasn't been a confirming factor for some time. In fact, the trend of total volume (I'm looking at the 50-day moving average
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