Looks like a big volume reversal on volume two days ago, then a rally on unimpressive volume today. Smells like group rotation and/or topping or basing action to me. Energy stocks have dominated the new-highs list pretty much since Bush invaded Iraq, with over a hundred stocks hitting new 52-week highs per day being pretty common, especially over the past few months. Friday, however, the energy sector was in 11th place with a lame 4 new highs. We will know more when we see what happens if/when the energy stocks test their most recent highs. If it’s weak I expect to do some shorting, at least if I’m near a computer, which actually might not be the case for the next few days while I’m in Mississippi. Cheers!