Yesterday's market action was positive.
The Nasdaq Composite surged almost 2% helping it to confidently break through the 3000 price level. Volume was below average but it was slightly higher than it has been over the last four days. The Nasdaq also ended the day trading close to its intraday highs indicating possibly more upside to come.
It was good to see the small cap S&P 600 leading the pack and on above average volume. At the moment it looks like it's going to attempt to break out of an 8 month cup-with-handle formation. The breakout point is 465 and its currently trading at 463. If this does occur and the breakout proves successful, it would help inject strength into the market.
The industrial materials sector, Russia and India all outperformed. Leading stocks acted well.
In summary the market right now is saying all is well and this recent move northwards means the recent short and sharp correction period is over.
