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Beneath the bullish headlines market internals weren’t very pretty Monday. The only impressive thing yesterday is markets gapped higher rather than lower at the opening. Given the viciousness of Friday’s sell-off, some follow-through selling would have been expected. Oil prices fell back 3% and home sales data were above expectations. It would be absurd to characterize this data as the start of a trend. Nevertheless, taken together it was enough to give bulls some confidence.

Again, while volume was higher than recent averages, breadth was very poor indicating continued selling.

click to enlarge

No one’s really providing the complete data [correctly at any rate] for volume and breadth. Let’s try the WSJ today.

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Source: Tuesday Outlook: Bulls Hold Serve