The NASDAQ started weak but quickly found support, reversed and rallied to its best closing high since February 2001. This was accomplished on higher volume and now all three major averages are moving to the beat of the same drummer. The NDX 100, however, is still out of sync and raises a red flag. It should be noted that while the INDU and SPX are moving along at a much faster pace, it's due to the lack of any resistance as we keep taking out all time highs. The NASDAQ, on the other hand, has yet to retrace 38.2% of its fall from bubble highs. That milestone is still about 140 points away around 2650.Economic calendar for tomorrow: CPI at 8:30; Leading indicators at 10:00; Crude at 10:30; and FOMC minutes at 2:00.
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