Look at the $SPXA200, stocks above 200 MA. Look at the almost vertical move.
With such a strong move in the SPX and the amount of stocks above their 200MA. The 10 market leaders of the SPX should be following this trend. Right?
GE-No
XOM- No
JNJ- No
PFE- No
MSFT- No
T- No
IBM- YES
WMT- No
PG-No
CVX-No
So clearly the Leaders of the market are not really leading this rally. Most have failed to get above their March highs.