The traditional view on volume is that high volume on up days is good and low volume on down days is bad. That was completely wrong from July 2009 to May 2010. The market went up huge on low volume and had high volume short selloffs.
Yesterday, we sold off almost all of Friday's gain on low volume, and today, we are barely able to get back in the green and we're on pace to easily exceed yesterday's volume. This speaks of a lot of overhead supply on the way up and a lack of support on the way down. It is the opposite of the July 2009 to May 2010 period.
P.S. - I think this strength will fade as the day goes on and we'll finish in the red. Expecting another weak close.
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