The market was impressive again yesterday with individual stocks holding onto gain. Real Estate led with gains followed by Utilities and Energy.

The change of guards remains to be intriguing with small caps outperforming. Particularly small cap value, yet the index remains in last place year-to-date with peer indexes.

Market Breadth

Advancers outpaced decliners as up volume outpaced down volume, and new highs touched new lows.

Sentiment & Dry Powder

Active money has rebounded after touching near the lows of the year.

AAII day traders got a bit more bullish this week. The reversal from bear to bullish show individual investors are more in tune with the rhythm of the market than so-called smart investors.

Bond Auction

It was a decent bond auction that saw good demand for 30-year bonds where $60 billion was entered, and less than $20 billion was accepted. Yesterday’s auction settles this week’s bond supply with the 3-year auction receiving a good bidding on Tuesday while the 10-year sales on Wednesday was tough.