Nasdaq New High

The major indices rallied today with the Nasdaq leading the way. QQQQ broke out to a new high with good volume. Remember QQQQ volume does not reflect the actual volume in the market.

We've seen over the last few days how the Nasdaq has been making higer lows showing relative strength compared to the dow and S&P so it's no surprise that the Nasdaq lead the really again today. I'm not sure what to think here. I'm not a buyer and I'm not a seller. I think I'm going to wait for earnings and I'll see how the market repsonds. If stocks come out with good earnings but fail to rally, then obviously that is a very bearish sign. If earnings are in line or lower and stocks rally anyway, then that would be quite bullish. These are the types of things I'm going to be looking at over the next few weeks.