Good Morning, Traders. Markets green. Up is good, right? Right, but where's the volume? Dow up 91.97, S&P ahead by 15.62, and Nasdaq Composite added 40.99 (wow!), but total turnover lower on both exchanges. Total turnover down by 17% on the NYSE and 5% on the Nasdaq. It wasn't totally anemic by any means with about 1.6 billion served on the NYSE and just over 2 billion on the Nasdaq, but definitely a good clip lower than some of the days of selling last week. We'll revisit that more in this weekend's ShadowTrader Video Weekly. Across the board was strength in all sectors, with semis shining brightest and ahead by 2.29% from the open. Coal miners, homebuilders, and retailers (on sales figures released yesterday) also contributed to the gains. Breadth closed over 5:1 positive on the NYSE and just over 4:1 positive on the Nasdaq. Not bad. Advance decline lines were similarly positive, showing 1833 and 1437 to the good on the NYSE and Nasdaq respectively. All in all it was rather a stealth type of rally, the type you don't realize is happening until its too late. A lot of backing and filling and grinding upwards. The chart below of the S&P daily shows us breaking through the first resistance point of prior swing lows and is annotated to show near term resistance points above. Lots of supply up there, lets see how much of it we can chop through today going into the weekend.

Peter Reznicek is the Chief Equity Strategist and a principal of the Prana Fund, a domestic hedge fund, and ShadowTrader, a subsidiary of thinkorswim which provides coaching and education to its clients on both intraday and swing trading of equities. For a free trial to the full version of The Big Picture or to learn about ShadowTrader's other services, visit shadowtrader.net or send an email to preznicek@shadowtrader.net.