ONE OF THE CHERISHED TENETS OF TECHNICAL ANALYSIS is that trading volume confirms price moves. But as the latter half of the rally from the March 2009 low shows, markets can rally without large volume when conditions are right.
Fast forward to this month, and once again we find stock prices starting to go up without broad participation by the public.
....
Investors should not assume that last year's performance changed the rules.
Source: Barron's
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