Thursday's jump in volume could signal a move higher, but price needs to get above that double top.



So to me the index ETF's appear more bullish than the ETF's for key sectors. And what's leading here? Rental cars:





Sometimes a huge volume increase at such extended levels can signal a top, but we'll see with the rental car companies. To me this mainly looks like end-of-quarter, squeeze the shorts trading games.

Anyway, as I've mentioned many times, I'm bearish on the longer term prospects, but in the short term anything can happen here, especially given market manipulation and the possibility that the government is propping up the market.

Today I'll be watching the energy sector, following passage of the cap-and-trade bill in the House. EXC would benefit from increased focus on nuclear energy, which seems very likely.