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Everything looks good for a potential leg higher except one thing.

This one thing could easily derail the new rally… so be very, very careful.

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The first round of ‘secondary’ offerings for Key Corp, BBT, and other banks started today and drove financial stocks lower… more to come.

Down 155 on DOW … and more to come.

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A rally today could mean additional strength in the market. However, the rally failed an important test to determine if it’s ‘for real’ or not.

The ‘test’ is one I use all the time and it keeps me out of trouble on days like this. It helps me understand if the market is reversing or what the probabilities are it will continue declining like it did on Monday.

Although the rally was impressive today there’s a reason why I did not buy it. I have a plan though if the market passes my test, here it is:

WATCH TODAY’S VIDEO REVIEW:

The DOW has broken it’s rising trendline, re-tested it and is trading lower at this hour.

For specific targets please watch today’s Daily Review Video

The market keeps rolling. The DOW advanced 216 points… who woulda guessed, but this market is strong.

Troubling is the VIX which refuses to budge. Skepticism on the part of the market that this rally will last?

Probably or it’s people buying calls and puts at record levels causing the volatility to stay heightened.

In either case it did not break out of the large wedge pattern yet… it poked through the bottom but closed higher – even though the markets advanced.

What is really interesting is the level at which the DOW closed today- it was a very significant close. Here’s why:

WATCH TODAY’S VIDEO REVIEW:

Discover the AMAZING similarities between the 1937-1938 market and today’s market.

This Weekend Review goes through the similarities in detail and I think it will be interesting to see how the market unfolds given the correlation so far.

Also, I give you an options strategy for taking advantage of the expected massive move higher in the coming weeks without risk if the market doesn’t go anywhere at all – it does have risk to the downside though if the market declines significantly but I show you how to manage that risk as well.

It’s a low cost strategy with explosive profit potential that I think you will like.

WATCH TODAY’S VIDEO REVIEW:

Notes: The market should pullback in an ‘orderly’ fashion, however that does not mean we could not see a ‘shakeout’ of some sort. Continued…

As I stated yesterday, “I think this rally is real… but I should would appreciate a pullback and the VIX doing what it’s supposed to do on an up day – go down. Is that too much to ask?”

Well we got a pullback… in the last hour of trading. The VIX barely moved and the CBOE Put/Call ratio is stupidly low (not good). And the DOW dropped 115 points – it’s not finished going down but…

The pullback was on low volume- exactly what we like to see on pullbacks. Here are my targets and what stocks I’m looking to begin building positions in,

WATCH TODAY’S VIDEO REVIEW:

The pullback never happened. Instead the DOW advanced 497 points.

In a true bull run that should not have happened.

I call it “market character divergence”. The character of the market or it’s ‘personality’ is an important component to price action and forecasting price action.

1) When the market goes up, the VIX SHOULD decline. Instead the VIX actually went HIGHER as the market advanced another 200 points in the afternoon.

2) The volume was poor for such a large up day. The second worst of the past 2 weeks. The second highest volume day was last Friday when the market dropped 7 points (stated as a “distribution” day by IBD).

3) The market should go higher when everyone is afraid. No one is afraid. Everyone is buying. Retail customers are buying CALLS not PUTS. The CBOE Call/Put Ratio is at the lowest level I have seen since last summer… even worse, the 10 day moving average of the Call/Put Ratio is at a 2 year low.

4) It’s getting very crowded in the market, everyone tripping over each other to BUY because they are afraid. Operating out of fear is not an investing strategy used by professionals. Since volume was low and the VIX didn’t hardly move I have to assume the pros were not buying today. Not a good sign.

5) No one seems to think the market will break the March 6th lows… everyone I’ve heard and everyone I’ve read today seems to think “the bottom is in”… how many times did we hear that after October 10th and November 21st?

6) I have a bad feeling about this rally. A gut feeling that ‘something’ is wrong… I dunno, maybe I’ve just been a bear too long.

I think this market will eventually go higher too – don’t get me wrong… but I sure would appreciate a pullback and the VIX doing what it’s supposed to do on an up day – go down.

Is that too much to ask now? I didn’t think so…

WATCH TODAY’S VIDEO REVIEW: