Mixed signals after a good week for equities, on light volume. Perhaps volume does not mean that much anymore? No… It means something and we need to watch these trends of higher days on low volume and lower days on higher volume.

Watch for a change in the relationship of the U.S. dollar to commodities. The problems with sovereign debt and the appearance that U.S. growth is rebounding will help the dollar move higher. That has not been good for commodities or equity markets. That dynamic will need to change in order to sustain rally. Otherwise bulls are doing a good job of handling any weakness.

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