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Tuesday, May 13, 2008

Small Caps Take The Lead

Today's volume is a little decieving, we had a down day, but the close was in the upper half of the range. We are still in the heavy resistance zone between 1396 and 1406, and it has proven it can break out above it, but it has yet to prove it can stay above it. I suspect we are going to see another down leg before we try again, the question is, will it be a small pullback, or a bigger correction?

Small caps were clearly leading the way today. Several of the small caps I watched today stayed well in the green despite the overall market being in negative territory. The Nasdaq composite finished up by a fairly comfortable margin, the NDX was up by a much slimmer margin.

It was the Russell 2000's turn to test bull market territory, and it broke through the critical 735 level. Now it has to stay above it.

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