Friday's Volume

Volume for this whole rally has been suspect, but Friday's volume was extremely light indeed. It was a summer Friday...so what should we expect? EXCEPT, this was only the 10th or so day straight up (depending on what index you are looking at). I must admit, this breathtaking rally has taken me by suprise. A rally I expected... this I did not! It does put fear in a bear's heart. However, Friday was a really light volume day and it lands on whatever nth day up you want to use. If one is an investor, I would not feel pressured to be 'in' here.

My sensitive volume oscillators have been showing divergence since 7/15 or 7/16 which suggest we should at least revist the highs of those days. Let it be known, fundamentally, from a valuation prospective, I think this market is way off and this rally will end badly.