Market Rally

The market has had a 12% run to the upside led by the financials. Yesterday the volume was the lightest it has been in 3 weeks. This does not mean that the markets can not go higher but we are getting closer to resistance in the S&p which is 772-775 then 800. We have been waiting for this bounce for weeks, and now we have finally gotten it. The rally although light in volume has been a steady relentless move higher. For my part I have been preaching one thing on the site. "Do not get opinionated and watch for the market to give us a signal before shorting stocks"Yet Ihave been shorting stocks on their runs and getting stopped out often. This has made for a difficult week for me. The importance is that I recognize my mistakes and adjust my behavior and trading accordingly. The material stocks underperformed yesterday. If they perform better today the rally could continue. JPM is the key to the financials . You should take a look at the daily chart and take a good close look at the decending channel. Stocks only break out of these channels 30 % of the time. It does not mean it will not , but keep an eye on it.Do not get opionated and trade with conviction and stops. Stops kept me from having a major disaster this week. Markets like this prove we all have much to learn about the markets. Good Luck, Stay Nimble and have a gtreat weekend. Regards, Frank.