It used to be "where's the beef?", right now it's "where's the volume?" Yesterday the market broke out of it's ascending triangle to the upside on average to light volume. Not good, as I mentioned yesterday. Today it collapsed back into the triangle on even LIGHTER volume. HUH? This makes me think that small players are the ones involved in this pattern. If so that means that as soon as the "big guys" decide their next move the little guys will be toast. That could happen as soon as tomorrow. The emergency short sale rule the SEC put into place expires tonight. That could be the catalyst. However, I've been expecting this move to go to 1320 or 1349 before completion. If I ignore the short sale rule expiring tonight, then the volume pattern today suggests that's still the right bet. Since volume didn't increase on the break back into the pattern, that'll make traders a little less fearful that it'll collapse on them and they may bid up prices Wednesday. It could still break straight up from here and be an acceptable pattern. As a matter of fact, the NYSE hasn't broken out the first time yet. The Dow, S&P and NASDAQ have. My instincts still say up but I'm keeping my finger on the trigger and my sunglasses nearby.