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Phony Rally? What You Should Know

A phony rally? This is why pros do not like the Dow: As of this writing, the Dow has moved 60 points in the past 45 minutes, it is now up 40 points for the day, but wait a minute: there are 2 stocks declining for every 1 advancing at the NYSE!

A little bit of volatility has definitely helped volume: Consolidating trading on the NYSE is already over 5 billion shares. The 5-day average is now over 6 billion shares for the first time in a long time.

Strong volume in the major index ETFs:

- SPDR ETF,

- iShares Trust Russell 2000,

- PowerShares QQQ Trust,

- and continuing strong volume in the Financial Select SPDR, the basket of financial stocks.

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