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Yesterday was another 90 upside day (where 90 percent of the volume was on the upside), which, according to Lowry, is the eighth 90 percent upside day since the market bottom on March 9th.
The S&P 500 is now positive for the year, the Dow Industrials still down 4 percent.
The issue now is how much more juice is left in the current rally, which has taken the S&P 500 34 percent off its March 9th lows. Rallies that are running out of steam show it by fewer advancing stocks-Lowry notes that the percentage of stocks trading above their 10 and 30 day moving averages are trading off their recent highs, an early sign of an aging bull market.
One factor helping this rally: bullishness is very muted, though that may be changing. Many professional traders remain convinced that the market still has another leg down this summer, so that has kept a lid on rampant buying.
Elsewhere:
1) Many Asian markets are trading at the highest levels since October (the Shanghai index is at its highest levels since August).
2) MGM trading up 13 percent pre-open on more optimistic commentary. Remember how every company-particularly financial companies-cancelled conventions in the first quarter? MGM noted lower revenue from those cancelled conventions.
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