• The volume is much lower on “rally days” vs. days when the market declines.  That’s disappointing, BUT if the breakout in the Russell 2000 can become a more meaningful one, it will still be quite bullish for the stock market.
  • The XLY consumer staples ETF stands at a key technical juncture.  So, the directions of its next meaningful move will be very important.  (Will today’s retail sales data have an impact?)
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