We’re going to have to see a little more enthusiasm from the bulls if we are going to believe that the market is resuming its upward trend of a light-volume pullback from the past two weeks. Lowes (LOW) managed to report good numbers but it wasn’t enought to generate broad based interest from the entire market.
While the S&P managed to see an increase in volume the NASDAQ was pathetic as it actually saw a further decrease in volume, and it can’t be blamed on the upcoming Memorial Day Weekend – we have a full week of trading ahead of us and we won’t see people hitting the Hamptons until Friday at the earliest. So while some may be relieved to see the market bounce back from the selling of late, we are by no means out of the woods as the bulls continue to show decreasing interest day-after-day.
Tomorrow will be very interesting to see as to whether the market can finally regain that enthusiasm that has been missing of late.