How About That Itty-Bitty Breakout?

Can we call a move to 2480.91 -- essentially a few points over the recent range in the S&P 500 -- a breakout? We can, but honestly, I thought we might get more than that. But we take what the market hands us, and on Monday it handed us a minor up move out of the 2470 range we've been mired in for nearly three weeks.

There were a few positives to note. First was that the SOX led, although the index remains far below the recent peak in June. Second was that the net volume for Nasdaq (up minus down volume) was the best it has been since July 19. I would not call a net volume reading of +470 million shares in a market that rallied half a percent good by any stretch of the imagination, but the fact that this was the best reading we've seen says a lot about how weak the underpinnings have been....392 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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