Major averages closed unsurprisingly near flat yesterday on lower volume in a quiet Veterans Day holiday session. The slowdown in the market's rise since its hard bounce off lows a few weeks ago allows it to consolidate its sharp gains. Nevertheless, there is currently no QE safety net though markets anticipate a resumption of QE in some form by the Federal Reserve given the pro-QE stance of other major central banks.
As the indexes continue to move higher on lighter volume, breadth continues to decline. Despite making new highs yesterday, declining stocks led advancing stocks on the NASDAQ Composite while NYSE advancers slightly led decliners. This sets the stage for a pullback as futures sell off this morning in pre-open trade.
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